Even though the Commerce Department, in November, had made a harsh downhill correction as regards the orders for durable goods, the December figures still plunged below the adjusted estimates.

The estimated drop in December orders for durable goods - the fifth consecutive monthly drop - was 2.0 percent, while they actually fell 2.6 percent. With transportation excluded, the orders dropped 3.6 percent as against the estimated 2.7 percent.

For the year 2008 on the whole, the 5.7 percent fall in orders is the second biggest fall as per government records, following the 2001 plunge of 10.7 percent.

December orders for some durable goods - like electrical appliances and defense aircrafts - showed improved demand; but demand plummeted for goods like computers, primary metals, machinery and commercial aircraft.

With the country in the clutches of a relentless recession, countless companies are wrestling their way through these difficult times. Plunging demands have forced companies to resort to cost-cutting measures such as new mass layoffs.

In 2008, the 2.6 million layoffs were by far the biggest in almost six decades, and the situation is not getting any better as yet!

The Labor Department has separately reported that falling demand, which has resulted in increased job-cuts, has further resulted in increased claims filed for jobless benefits - with the number touching an all-time high of nearly 4.8 million!