US factory orders crashed 3.6% MoM in January, notably worse than the 2.9% MoM decline expected and worse still that December's 0.2% MoM rise was revised to a 0.3% decline. This didappointment pulled orders down 2.0% YoY - the worst annual decline since Sept 2020...
Source: Bloomberg
And on a core (ex-transports) basis, orders also disappointed, down 0.8% MoM (vs -0.1% MoM exp), dragging the core orders down 1.6% YoY...
Source: Bloomberg
January saw the biggest plunge in non-defense aircraft & parts (Boeing) since April 2019 (but we're building lots of boats)...
Source: Bloomberg
Interestingly January also saw a surge in metalworking machinery manufacturing while ferrous metal foundries orders crashed...
Source: Bloomberg
But we can thank the good old Military Industrial Complex for orders not being more of a shitshow as Defense spending jumped 24% MoM...
Source: Bloomberg
Finally, it's that same old issue again... downward revisions!! In the last 21 months, US factory orders have been downwardly revised 16 times...
Source: Bloomberg
Bidenomics - make it up as you go along - continues.
