US manufacturing slowdown raises economy concerns |
| Financial Times - Aug 1, 2011 |
US manufacturing growth slowed to the lowest level since the official end of the recession in 2009 in the latest sign of stagnation in the world’s largest economy.
The Institute for Supply Management’s purchasing managers’ index slid to 50.9 in July from 55.3 in June, a sharper fall than economists had expected. Readings above 50 signal expansion in the sector.
The US figures followed reports of slowing factory activity in China and India that raised questions over the future of those two fast-growing economies.
Monday’s figures also came on the heels of dismal growth data released on Friday, which showed that the US economy grew at an annualised rate of 1.3 per cent in the second quarter and that first-quarter growth was revised down to only 0.4 per cent from 1.9 per cent. Manufacturing has been the engine driving US economic growth in the wake of the recession, and analysts said that the poor ISM figures reflected slowdown in the wider economy seen this year.
Read Full Article from Financial Times
- Posted: 2011-08-01 11:11:42
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