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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.

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Factory orders fall for a fifth straight month originally appeared on BloggingStocks on Thu, 05 Feb 2009 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>autoscomputersfactory ordersFactoryOrdersfeaturedheavy machineryHeavyMachineryjobless claimsJoblessClaimsjoseph lazzaroJosephLazzarorecessionThu, 05 Feb 2009 16:30:00 EST<![CDATA[Lack of credit stops world from going round]]>http://www.bloggingstocks.com/2008/11/04/lack-of-credit-stops-world-from-going-round/http://www.bloggingstocks.com/2008/11/04/lack-of-credit-stops-world-from-going-round/http://www.bloggingstocks.com/2008/11/04/lack-of-credit-stops-world-from-going-round/#commentsFiled under: , , ,

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.

The bad statistics are in factory orders, auto sales and retail sales. Factory orders fell by 2.5% in September, four times faster than the 0.7% drop analysts expected. Automobile sales plunged more than they have in the last 25 years -- for example, General Motors Corp. (NYSE: GM) sales fell 45% in October. And retail sales are expected to fall 0.1% in October -- the weakest same-store sales result ever registered since Thomson Reuters began collecting estimates in 2000.

What a glorious economic mess the 43rd president is dropping into the lap of our 44th. All these contractions in sales share a common theme -- when companies and people can borrow money at low rates, they can afford to buy things. But when that credit dries up, their cash flows "from operations" are too small to close the deals.

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Lack of credit stops world from going round originally appeared on BloggingStocks on Tue, 04 Nov 2008 12:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto salesAutoSalesfactory ordersFactoryOrdersfeaturedgmretail salesRetailSalesTue, 04 Nov 2008 12:32:00 EST