The U.S. Commerce Department announced on Monday that the value of new
factory orders decreased by 1.6 percent m-o-m in January 2023, following a
downwardly revised 1.7 percent m-o-m jump (from +1.8 percent m-o-m) in December
Economists had predicted a decline of 1.8 percent m-o-m for January.
According to the report, orders for durable goods tumbled by 4.5 percent
m-o-m in January, driven by a 13.3 plunge in orders for transportation
equipment. Meanwhile, orders for nondurable goods increased by 1.5 percent m-o-m.
Total factory orders excluding transportation, a volatile part of the
overall reading, climbed by 1.2 percent m-o-m (compared to an unrevised 1.2 percent m-o-m fall in December), while orders
for nondefense capital goods excluding aircraft, a measure of business spending
plans, went up 0.8 percent m-o-m (compared to a 0.2 percent m-o-m slip in December
and matching the preliminary estimate).