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: Bloomberg.

So 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: Bloomberg

WTF is going on with the actual manufacturers who are being surveyed by ISM and S&P Global as that survey data is collapsing?

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