Wonder how the MSM will try to spin this into a positive.
Today's December factory orders data came as a surprise to those expecting a whopping beat of expectations in the aftermath of the superficial beat in the Durable data released last week.
Instead, the headline Factory Orders missed expectations of a 2.2% rise, growing just 1.8% in December, with the November data revised lower from 0% to -0.3%.
Worse news was that Factory Orders ex the meaningless and volatile transportation number (see Dreamliner), rose just 0.2% in the last month of 2012, after declining 0.2% in November.
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