Following November’s slump (-1.8% MoM – the biggest drop since the COVID lockdowns), and despite weakening ISM Manufacturing data, analysts expected US Factory Orders to rebound strongly (+2.3% MoM) in December. However, while it did rebound, it rose ‘only’ 1.8% MoM in December (best since Jan 22)…Source: BloombergSo we swing from biggest drop since April 2020 to best rise since Jan 2022?However, the pain was in the core, which tumbled 1.2% MoM (having basically weakened for 6 straight months) leaving the YoY growth at 3.99% – the weakest since Feb 2021…This leaves the total core factory orders at its weakest since Feb 2022…All because of one-off surge in plane orders… it seems people are once again dying to fly the Boeing MAX…There’s just one thing with that headline orders print…Source: BloombergWTF is going on with the actual manufacturers who are being surveyed by ISM and S&P Global as that survey data is collapsing?Loading…
