After Boeing-battered durable goods orders data, but ISM Manufacturing surged by the most in 7 years, all eyes were on December's Factory Orders data to break the tie on the real state of the US economy.
After a notable down revision for November (from -0,7% MoM to -1.2% MoM), December US Factory Orders rose 1/8% MoM (better than the 1.2% rise expected). That is the biggest MoM jump since Aug 2018.
However, on a year-over-year basis, factory orders remain lower (-0.4% YoY) for the 7 month in 2019...
For now it seems like the surveys over-reacted, but the overall trend of manufacturing hard data is not at all positive...
Sorry to say, hard data should trump soft data every time... but that's not how the algos work.