U.S. factory orders were up 1.1% month over month in December, which was a bit weaker than the 1.5% gain consensus expected though comes after November orders were upwardly revised to a 2.2% gain (previously up 1.8%). Total factory orders are now up 12.1% year to date. The 18.9% month-over-month jump in civilian aircraft orders helps explain the overall gain. Excluding transportation, orders were up 0.6%. Durable orders rose 3.0% over November and are up 10% year to date. Although strong civilian aircraft orders contributed to the gain, machinery orders and orders for primary metals were also strong, up 6.7% and 6.2%, respectively. Computers and electronic products rose just 0.6%. While the report was a bit weaker than expected, it...
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Research Type: Commentary
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