Updated: 05-Mar-24 10:48 ET
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Updated: 05-Mar-24 10:48 ET |
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Highlights
- Factory orders decreased 3.6% month-over-month in January (Briefing.com consensus -2.5%) after decreasing a revised 0.3% (from +0.2%) in December.
- Excluding transportation, factory orders decreased 0.6% on the heels of a 0.3% decrease in December.
- Shipments of manufactured goods were down 1.0% after a 0.6% decrease in December.
Key Factors
- Durable goods orders were down 6.2% after decreasing 0.3% in December.
- New orders for nondurable goods were down 1.1% after decreasing 0.3% in December.
- New orders for nondefense capital goods excluding aircraft-a proxy for business spending-were unchanged after decreasing 0.6% in December.
- The inventory-to-shipments ratio rose to 1.50 from 1.48 in December.
Big Picture
- The key takeaway from the report is that business spending held steady in January, which takes some of the sting off the otherwise-weak report.
Category |
JAN |
DEC |
NOV |
OCT |
SEP |
Factory Orders |
-3.6% |
-0.3% |
2.6% |
-3.4% |
2.3% |
Less Defense |
-4.1% |
-0.2% |
3.2% |
-4.0% |
2.7% |
Durable Goods |
-6.2% |
-0.3% |
5.4% |
-5.1% |
4.0% |
Nondurable Goods |
-1.1% |
-0.3% |
0.0% |
-1.8% |
0.6% |
Unfilled Factory Orders |
0.2% |
1.3% |
1.3% |
0.4% |
1.3% |
Factory Shipments |
-1.0% |
-0.5% |
0.5% |
-1.3% |
0.0% |
Factory Inventories |
-0.1% |
0.0% |
0.0% |
0.0% |
0.1% |
Inventory/Shipment Ratio |
1.50 |
1.48 |
1.48 |
1.48 |
1.46 |