US Core Manufacturing Orders Up For 3rd Straight Month In January

After tumbling to end 2025, US Factory Orders were expected to rise very modestly in January and did so – up 0.1% MoM (as expected) with December’s 0.7% decline revised up to a 0.4% decline…

Source: Bloomberg

Core Factory orders (es Transports) rose 0.4% MoM – slightly better than expected – and December’s 0.4% MoM shift was revised up to a 0.6% MoM rise. This led core manufacturing orders to rise 1.39% YoY – the highest since July…

Source: Bloomberg

All the final data for Durable Goods orders were the same as the prliminary prints – unchanged MoM at the headline level.

Finally, today’s data also showed the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, slipped lower by 0.1% MoM. Not a great sign for GDP (and with inflation on the rise, the s-word – stagflation – is starting to appear).