US factory orders fell sharply in December
Orders to US factories fell sharply in December as manufacturing continued to contract from a slowing domestic economy and weak overseas demand, sparking fresh fears of anemic growth in the United States.
New orders for manufactured goods dropped 2.9 percent, the largest drop since December 2014, the US Commerce Department said on Thursday.
Economists polled by Reuters had forecast factory orders falling 2.8 percent in December.
Factory orders declined 6.6 percent for the full year of 2015, the first annual slowdown in manufacturing since 2009, a year when the country was going through the Great Recession.
Manufacturing, which accounts for about 12 percent of the US economy, is being pressured from global economic weakness and the rising strength of the dollar, which makes US goods more expensive outside the country.
Orders for durable goods, items meant to last three years or more such as automobiles and home appliances, fell 5 percent in December, the Commerce Department said.
Demand for nondurable goods, items including chemicals, paper and petroleum products, dropped 0.8 percent in December.
Orders for commercial aircraft, a volatile category, dropped 29.4 percent in December. Demand was also down sharply for military aircraft, which fell 68.7 percent.
Total machinery orders dropped 5.6 percent, while demand for computers was down 16 percent.
Last week, the Commerce Department reported that the US economic growth had slowed sharply in the final three months of 2015.
Analysts say the growth slowdown is temporary and the economy is expected to snap back in the first quarter of 2016.
However, the US economy could experience more recessions in the coming years due to slower growth, financial strategists say.
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