Desite a positive headline print (+1.2% vs +1.05 expectations), January's Factory Orders ex-transports rose just 0.3% month-over-month - the weakest growth since July 2016.
The spike in new factory orders in December - on the heels of the Trump election victory and perhaps inventory stockpiling on hopes that everything will be awesome - did not last long and January saw growth tumble to just 0.3%...
Transportation equipment new orders rose 6.2% MoM - bouncing back from a 4.3% plunge in December and a 14.7% collapse in November.
Notice the trend? Yeah exactly - there is none! Two months down, then one month up - don't hold your breath for Feb/March.