Boeing, Boeing, Gone: US Factory Orders Plunge Most Since COVID Lockdowns In January

US factory orders crashed  3.6% MoM in January, notably worse than the 2.9% MoM decline expected and worse still that December’s 0.2% MoM rise was revised to a 0.3% decline. This didappointment pulled orders down 2.0% YoY – the worst annual decline since Sept 2020…

Source: Bloomberg

And on a core (ex-transports) basis, orders also disappointed, down 0.8% MoM (vs -0.1% MoM exp), dragging the core orders down 1.6% YoY…

Source: Bloomberg

January saw the biggest plunge in non-defense aircraft & parts (Boeing) since April 2019 (but we’re building lots of boats)…

Source: Bloomberg

Interestingly January also saw a surge in metalworking machinery manufacturing while ferrous metal foundries orders crashed…

Source: Bloomberg

But we can thank the good old Military Industrial Complex for orders not being more of a shitshow as Defense spending jumped 24% MoM…

Source: Bloomberg

Finally, it’s that same old issue again… downward revisions!! In the last 21 months, US factory orders have been downwardly revised 16 times…

Source: Bloomberg

Bidenomics – make it up as you go along – continues.