Factories Orders Fall Four Consecutive Months

Washington, DC, Jan. 6, 2009--Orders to U.S. factories fell for a record fourth straight month in November.
 
The Commerce Department said Tuesday that orders declined by 4.6 percent in November, nearly double the 2.5 percent drop economists expected. Orders have been falling since August, including a 6 percent plunge in October, the biggest setback in eight years.

The factory orders report showed that demand for durable goods, items expected to last three or more years, fell by 1.5 percent in November, even worse than the government's initial estimate two weeks ago that durable goods had fallen 1 percent.

Excluding transportation, orders would have posted a 4.2 percent decline in November. Demand for primary metals such as steel fell by 2.7 percent, while orders for defense communications equipment were down 12.1 percent.