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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (364221)4/1/2008 11:10:08 AM
From: Giordano Bruno  Read Replies (1) of 436258
 
Rally on Garth

ISM Manufacturing Index Indicates Continued Contraction In March

4/1/2008 10:26:24 AM Tuesday morning, the Institute for Supply Management released its report on activity in the manufacturing sector in the month of March, showing that activity in the sector contracted for the second consecutive month.

The ISM said that its purchasing managers index edged up to 48.6 in March from 48.3 in February, although a reading below 50 indicates a contraction in the sector. Economists had been expecting the index to slip to a reading of 47.5.

Norbert J. Ore, C.P.M., chair of the ISM Manufacturing Business Survey Committee said, “This completes the weakest quarterly performance for the U.S. economy since Q2 of 2003.”

The continued contraction in the sector was partly due to a downturn in production, with the production index falling to 48.7 in March from 50.7 in February. Additionally, new orders saw continued weakness, with the new orders index falling to 46.5 from 49.1.

The report also showed a continued contraction in employment, although the employment index edged up to 49.2 in March from 46.0 in the previous month.

Ore added, “Manufacturers continue to experience heavy cost pressures, as the prices they pay are still rising even with slower overall demand.”

The prices index rose to 83.5 in March from 75.5 in February, indicating a substantial acceleration in the pace of price growth.
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