Updated: 18-Mar-26 10:19 ET
| January Factory Orders |
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| Updated: 18-Mar-26 10:19 ET |
Highlights
- Factory orders increased 0.1% month-over-month in January following an upwardly revised 0.4% decline (from -0.7%) in December.
- Excluding transportation, factory orders increased 0.4% after increasing 0.6% in December.
- Shipments of manufactured goods rose 0.5% after increasing 0.7% in December.
Key Factors
- Durable goods orders were flat after sliding 0.9% in December, weighed down by a 0.8% decline in transportation equipment orders.
- New orders for nondurable goods rose 0.3% after increasing 0.1% in December.
- New orders for nondefense capital goods excluding aircraft-a proxy for business spending-jumped 0.1% following a 0.8% increase in December.
- The inventory-to-shipments ratio slipped to 1.55 from 1.56 in December.
Big Picture
- The key takeaway from the report is the tepid level of business spending in January, evidenced by the 0.1% increase in new orders for nondefense capital goods excluding aircraft.
| Category | Jan | Dec | Nov | OCT | SEP |
| Factory Orders | 0.1% | -0.4% | 2.7% | -1.2% | 0.2% |
| Less Defense | 0.4% | -0.9% | 3.2% | -0.8% | 0.0% |
| Durable Goods | 0.0% | -0.9% | 5.4% | -2.1% | 0.6% |
| Nondurable Goods | 0.3% | 0.1% | -0.1% | -0.3% | -0.2% |
| Unfilled Factory Orders | 0.8% | 0.9% | 1.4% | 0.2% | 0.8% |
| Factory Shipments | 0.5% | 0.7% | -0.2% | 0.1% | -0.1% |
| Factory Inventories | 0.1% | 0.1% | 0.2% | 0.0% | -0.1% |
| Inventory/Shipment Ratio | 1.55 | 1.56 | 1.57 | 1.56 | 1.56 |
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