Total manufacturing new orders fell -0.9% MoM in December after a -0.8% MoM drop in November and were roughly flat on an annual basis. Excluding transportation, new orders were up slightly by 0.3% MoM and 1.5% YoY.

• Total manufacturing shipments were up 0.6% MoM and 1.6% YoY.
• Consumer goods new orders and shipments both grew 0.3% MoM.
• Non-defense capital goods (ex-aircraft) new orders finished the year up 0.4% MoM with shipments up slightly more at 0.5% MoM.

The economy appears to be in a moderate growth phase, avoiding both recession and overheating. Business investment remains strong, suggesting confidence in future growth. Consumer spending is stable but not exuberant. Technology and defense sectors are driving significant growth.