The global economic downturn is taking its toll on manufacturers of private jets, a once high-flying sector expected to report dismal results in the coming weeks. The record pace of new orders began to level off halfway through last year, and analysts say such companies as Cessna Aircraft Co. and Hawker Beechcraft Corp. could see cancellations reach the double digits this year. "The market is going down so fast that we're all getting bloody noses," says one industry consultant.

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