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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsManufacturing in U.S. Shrinks at Fastest Pace in Four Years
(Bloomberg) Manufacturing in the U.S. unexpectedly contracted in May at the fastest pace in four years, indicating industry will provide scant support for the worlds largest economy.
The Institute for Supply Managements factory index fell to 49 from the prior months 50.7, the Tempe, Arizona-based groups report showed today. Fifty is the dividing line between growth and contraction, and last months reading was the lowest since June 2009. The median forecast of 81 economists surveyed by Bloomberg was 51.
Factory activity has waned since reaching an almost two-year high in February as across-the-board federal budget cuts took hold and overseas markets struggled to improve. At the same time, demand for automobiles, the rebound in residential construction and lean inventories may spark a pickup in orders and production in the second half of the year.
Manufacturing is really stymied by slow corporate spending and government spending cutbacks, said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, who was the only analyst in the Bloomberg survey to correctly project the drop in the index. Foreign demand is pretty anemic. .....................(more)
The complete piece is at: http://www.bloomberg.com/news/2013-06-03/may-ism-manufacturing-index-decreased-to-49-from-50-7-in-april.html
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Manufacturing in U.S. Shrinks at Fastest Pace in Four Years (Original Post)
marmar
Jun 2013
OP
It's been disappearing for a long time.. We lost the "recipe" for sheets, towels, socks, car parts
SoCalDem
Jun 2013
#1
SoCalDem
(103,856 posts)1. It's been disappearing for a long time.. We lost the "recipe" for sheets, towels, socks, car parts
and people do love their $4 jeans & $1 flipflops
byeya
(2,842 posts)2. "slow corporate spending" - I thought all the giveaways to the giant corps and lack of regs
was supposed to assauge their fears and we'd see a flood of capital spending ushering a new age of prosperity for all!
Can we change policies now?
JaneyVee
(19,877 posts)3. Here comes the sequester/