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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (47509)	6/1/2001 11:09:29 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Manufacturing Recession Deepens in May Jun 1 10:07am ET NEW YORK (Reuters) - The U.S. manufacturing sector sank deeper into recession in May, suffering a setback in its effort to claw out of a 10-month slump, according to a key industry report released on Friday. The National Association of Purchasing Management said its monthly gauge of industrial activity fell in May to 42.1 from 43.2 in April, but held above a decade low of 41.2 hit in January. A reading under 50 signals contracting manufacturing activity, which comprises one-fifth of the U.S. economy. The NAPM index has held under 50 for 10 months, but mild gains since January had raised hopes that production could recover as firms shaved bloated inventories and new orders picked up. Those hopes were dented as the NAPM new orders index, a key indicator of pipeline demand for manufactured goods, fell to 45.5 from 45.9 in April. The backlog of orders index fell to 40.0 from 43.5 in April, but in a sign firms are reducing unsold goods at a faster pace, the inventories gauge fell to 38.7 from 39.6. The index is compiled from a survey of purchasing managers in over 350 manufacturing companies from 20 industries.