Factory Orders Plummet Amid Boeing's Decline

US factory orders in January plummeted by 3.6% MoM, the most significant drop since September 2020. Boeing witnessed a substantial decline in non-defense aircraft orders, the largest since April 2019. However, there was a rise in metalworking machinery manufacturing amid a sharp fall in ferrous metal foundries orders. Defense spending spiked by 24% MoM, mitigating a more severe downturn in overall orders, highlighting ongoing challenges in the industry.