US factory orders drop more than expected in December

US factory orders fell 2.9% in December, according to data released by the Commerce Department.

This compares to a downwardly-revised 0.7% decline the previous month and was slightly steeper than the 2.8% drop expected by economists.

It marked the fourth consecutive decline in the last five months.

For the year as a whole, orders were down 6.6%, which was the first annual drop since 2009.