U.S. manufactured goods new orders fell -1.4% MoM (vs -2.0% MoM expected) in December but were still up 7.8% YoY, while shipments were up 1.0% MoM and 3.7% YoY.

• Ex transport, new orders were up 0.9% MoM and 2.8% YoY, with shipments rising by 0.7% MoM and 2.4% YoY.
• Several segments saw strong new orders gains including primary metals (+1.7% MoM), fabricated metal products (+0.9% MoM), and computer & electronics (+3.0% MoM).
• Core capital goods new orders were up 0.6% MoM and 3.5% YoY in December alongside shipments increasing 0.9% MoM and 2.5% YoY.
• Total manufacturing unfilled orders increased 0.9% MoM and 1.4% MoM in the last two months, and at the end of 2025, were up 10.3% YoY.
• Despite the surge in unfilled orders, total inventories were up 0.2% MoM and 1.5% YoY.
• The unfilled order book is affected heavily by nondefense aircraft orders, up 20.3% YoY, while the core capital goods unfilled order book is up just 1.0% YoY.