Durable goods orders down fifth straight month

The U.S. Department of Commerce announced today that new orders for durable goods fell by 2.6 percent in December, a larger decline than the 2 percent economists had forecast.

December's decline marked the fifth straight month in which orders have fallen. Orders fell 5.7 percent in 2008, the second largest drop recorded, second only to a 10.7 percent drop in 2001.

Among the sectors that saw large decreases in December were commercial aircraft, primary metals, machinery, and computers. Defense aircraft and electrical appliances were among the few sectors that experienced increased demand.