Manufacturing (NAPMPMI) in the U.S.
unexpectedly shrank in May at the fastest pace in four years,
showing slowdowns in business and government spending are
holding back the world’s largest economy.
The Institute for Supply Management’s factory index fell to
49, the lowest reading since June 2009, from the prior month’s
50.7, the Tempe, Arizona-based group’s report showed today.
Fifty is the dividing line between growth and contraction. The
median forecast of 81 economists surveyed by Bloomberg was 51.
Across-the-board federal budget cuts and overseas markets
that are struggling to rebound will probably continue to curb
manufacturing, which accounts for about 12 percent of the
economy. At the same time, demand for automobiles, gains in
residential construction and lean inventories may spark a pickup
in orders and production in the second half of the year.
READ MORE: http://www.bloomberg.com/news/2013-06-03/may-ism-manufacturing-index-decreased-to-49-from-50-7-in-april.html
No comments:
Post a Comment