Purchasing managers report manufacturing shrank in April

From: Transport Topics | Date: May 5, 2003| Author: | Copyright information

U.S. manufacturing contracted in April for the second straight month as new orders and employment declined, evidence that factories were slow to respond to the easing of tensions with Iraq.

The Institute for Supply Management's manufacturing index dropped to 45.4 last month its lowest level since October 2001, from 46.2 in March.

Economists in a Bloomberg News survey had generally expected a reading of 47.2 in the factory index.

Those are the first back-to-back readings below 50, signaling deteriorating business, since an 18-month span ended in January 2002.

Manufacturing accounts for ...

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