Following December's surprising and disappointing decline in US Factory Orders, analysts expected a rebound (from -0.4% MoM to +0.7%) in January and they were right. Notably, December's 0.4% MoM drop was revised dramatically higher to +0.7% MoM and January's Factory orders rose 1.4% MoM - double the expected 0.7% MoM rise (which is even more impressive given the revision).
With the revision, this is the 9th straight month of gains in factory orders which remain up 13.6% YoY.
Ex-transports, factory orders rose 1.0% MoM in Jan (accelerating from the 0.5% MoM rise in December).
Realistically, this jump likely does not include the full effects of Omicron, but for now, it removes another excuse for The Fed to delay aggressive rate-hikes.