Factory orders fell in December for a record fifth month in a row. With December's numbers now in the books, it is official that last year was the worst year for manufacturers since 2002.Going into today's announcement, everyone agreed that factory orders had probably dropped in December, but analysts were not expecting the decline to be as steep as the actual figures revealed. Analysts had estimated that we would see a 3% dip in factory orders for the month, but the actual numbers indicate a deeper 3.9% reduction during December.
Money makes the world go round and its absence stops it in its tracks. Three important economic statistics reveal how important borrowing money is to the global economy. Borrowing is so critical, that its evaporation reveals a key economic insight -- prices are higher than customers can afford to pay out of their own pockets. This suggests three ways to get the economy moving: let prices fall to the level where customers can pay without borrowing; boost customers' income; or reopen the credit spigots. I'd vote for option one.
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
