US factory orders for manufactured goods fell 1.6% month-over-month in January (consensus -1.8%) following a downwardly revised 1.7% increase (from 1.8%) in December. Shipments of manufactured goods increased 0.7% month-over-month after declining 0.6% in December. The US has seen a quick rebound in business spending, highlighted by the sizable jump in shipments of nondefense capital goods excluding aircraft were up 1.1% after declining 0.6% in December. This will add favorably to GDP forecasts.
US Factory Orders February 2023
- Factory orders for manufactured goods declined 1.6% month-over-month in January (consensus -1.8%) following a downwardly revised 1.7% increase (from 1.8%) in December.
- Shipments of manufactured goods increased 0.7% month-over-month after declining 0.6% in December.
- Nondefense capital goods orders, excluding aircraft were up 1.1% after declining 0.6% in December.
- New orders for durable goods dropped 4.5% m/m in January, driven by a 54.5% decline in nondefense aircraft and parts orders, after increasing 5.1% in December.
- Excluding transportation, durable goods orders were up 1.2% month-over-month.
- New orders for nondurable goods increased 1.5% m/m in January after declining 1.7% in December.
- Nondefense capital goods orders, excluding aircraft, a proxy for business spending were up 0.8% m/m in January after falling 0.2% in December.
- The inventory-to-shipments ratio dipped to 1.48 from 1.49 in December.
Factory orders excluding transportation in the United States rose by 1.2 percent month-over-month in January of 2023, recovering from a 1.2% fall in December.
Source: U.S. Census Bureau
From The TradingCommunity News Desk