New orders for factory goods fell in November and inventories declined for a fifth straight month.  Another signal that economic growth slowed in Q4. New orders for manufactured goods slipped 0.2% after climbing in October. (CNBC)

 

The ISM non-manufacturing index says the sector expanded in December. It was about even with the previous month. (Fox)

 

Economists have slashed Q4 GDP estimates to as to a 0.5% annual pace. The economy grew at a 2.0% rate in the third quarter. Manufacturing, which accounts for 12% of the US economy, has suffered the most and is likely to remain under pressure, at least through early 2016. (CNBC)

 

Macy's cutting its outlook and more than 3,000 jobs after a poor holiday season. Macy's expects to reduce expenses by about $400 million annually. Two Oregon locations are on the list of 40 stores Macy's will close by the end of 2016. Those are Roseburg and North Bend. (Portland Business Journal)

 

Oil is down $1.09 at $32.88 a barrel. This decline puts U.S. oil prices are at 12-year (2004) lows. Oil is at near-record production and there are massive stockpiles. (Reuters)