A shutdown-delayed report revealed a second-straight monthly decline in US factory orders for November in the latest signal that the manufacturing sector is losing momentum, explained analysts at Wells Fargo.
Key Quotes:
“In the first published update since December, we are just now getting November figures for U.S. factory orders, which declined 0.6% despite consensus expectations for a modest increase.”
“The weakness was concentrated in the non durable goods side as durable goods orders increased 0.7%, a partial recovery of the 4.3% decline in the prior month. That said, measures of underlying business spending looked weak.
“There is no sign of immediate relief either, as orders for this same group of core capital goods fell 0.6% in November. That said, there is hope for some eventual relief. ISM new orders for January jumped roughly seven points to 58.2 in January.”
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