US Factory Orders Tumble In January

Following Durable Goods plunge in January (final data showing worsening non-defense orders), US Factory Orders tumbled 1.4% (as expected) – the first drop in six months.

Core Factory Orders disappointed and growth slowed to its weakest since June…

Under the hood of orders, some sectors stood out with notable collapses…

  • Transportation equipment -10.0%

  • Nondefense aircraft: -28.4%

  • Defense aircraft: -45.6%

  • Mining, oil field machinery: -8.9%

Of course this should not be a surprise as global macro data has serially disappointed this year.