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After plunging in October, US Manufacturers New Orders were expected to rebound significantly in November as the noisiest time series in America continues to flip-flop (despite US Manufacturing surveys going in only one direction – lower). Sure enough, Factory Orders rose 2.6% MoM (+2.4% exp) and October's 3.6% decline was revised modestly hiugher to a 3.4% MoM decline. The 2.6% MoM jump is the biggest since January 2021 and dragged orders up 3.1% YoY…

Source: Bloomberg

Core factory orders rose just 0.1% MoM (leaving core orders down 0.8% YoY)…

Source: Bloomberg

So manufacturing orders surged as manufacturers survey data continues to suggest anything but strength…

Source: Bloomberg

WTF is going on here?