US Economy

Market reacts to sharp decline in durable goods orders

Reuters with CNBC
Watch Berkshire
Appliances on sale in Sarasota, Florida.
Ty Wright | Bloomberg | Getty Images

New orders for long-lasting U.S. manufactured goods tumbled in December as lower oil prices and softer global demand put more pressure on factories, the latest sign that economic growth weakened significantly at the end of 2015.

Stock market futures prices briefly turned negative on the news before reversing. Get the market reaction here.

The Commerce Department said Thursday that durable goods orders declined 5.1 percent last month, likely also weighed down by a strong dollar, after slipping 0.5 percent in November.

Economists polled by Reuters had forecast durable goods orders, which cover goods meant to last three years or more ranging from toasters to aircraft, falling 0.6 percent last month.


A job seeker (left) shakes hands with a recruiter during a WorkSource Seattle-King County Aerospace, Maritime and Manufacturing job fair in Seattle on Oct. 6, 2015.
US jobless claims fall more than expected
The CAT logo is displayed on Caterpillar construction equipment.
Caterpillar CEO expects another 'rough' year

CNBC contributed to this report.

Berkshire Hathaway Live Event