... the outlook for business spending has improved. No disputing that one and in fact, we saw U.S. factory orders come in at +1.0% MoM in December, which was double the consensus estimates. There is more to the manufacturing data than just the orders and inventories — we also get shipments, which is real demand (orders can always be cancelled although they can be a good leading indicator for future production)...Below is a list of the sectors that screened the best and the worst:
Best
-Primary metals
-Turbines/engines/power transmission
-Computers/electronic products
-Automotive
-Paper products
-Basic chemicals
Worst
-Commercial aircraft
-Farm machinery
-Construction machinery
-Industrial machinery
-Appliances
---ibid
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