Factory orders declined more than expected in December.
Orders fell 3.4% in the final month of 2014, missing expectations.
Expectations were for the report to show orders fell 2.4% in December, down from a 0.7% decline in November.
November’s orders were also revised lower, to falling 1.7% from a previous report of a 0.7% decline.
In a note to clients ahead of the report, Joe LaVorgna at Deutsche Bank said he would be watching orders for oil, mining, and gas-related industries, where orders declined considerably in September and October before a nearly 7% rebound in November. Orders in these sectors fell 7.9% in December.
The weak durable goods orders seen last month was likely weigh on Tuesday’s factory orders report, as LaVorgna noted that the factory orders number is even split between durable and nondurable goods.
More to come…
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