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Manufacturing continues to drop
For the third consecutive month, manufacturing activity contracted in April, according to a report issued today by the Institute of Supply Management. Employment in the manufacturing sector also dropped to its lowest level in five years, the report said.
“Manufacturers are in a situation where both new orders and production are slowly declining, but prices continue to rise at highly inflationary rates,” said Norbert J. Nore, CPM, chair of ISM’s Manufacturing Business Survey Committee. “Bright spots this month are the growth in the Backlog of New Orders Index after six months of decline, continues in new export orders and a reduction in customers’ inventories.”
Another bright spot: the manufacturing index registered 48.6, the same as in March, but slightly higher than the 48 predicted by many economists. A reading above 50 indicates the manufacturing economy is expanding; below 50 percent it is generally contracting.
Manufacturing continues to drop
May 1, 2008
For the third consecutive month, manufacturing activity contracted in April, according to a report issued today by the Institute of Supply Management. Employment in the manufacturing sector also dropped to its lowest level in five years, the report said. “Manufacturers are in a situation where both new orders and production are slowly declining, but prices continue to rise at highly inflationary rates,” said Norbert J. Nore, CPM, chair of ISM’s Manufacturing Business Survey Committee. “Bright spots this month are the growth in the Backlog of New Orders Index after six months of decline, continues in new export orders and a reduction in customers’ inventories.”
Another bright spot: the manufacturing index registered 48.6, the same as in March, but slightly higher than the 48 predicted by many economists. A reading above 50 indicates the manufacturing economy is expanding; below 50 percent it is generally contracting.
Posted by Jack Keough on May 1, 2008 | Comments (0)
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