Ruh Roh! US Manufacturing Industries Back in Recession
Might I suggest a new catch-phrase for Obama?
US manufacturing sector back in recession
Health check of US industry gives Barack Obama an election headache
Larry Elliott, economics editor – guardian.co.uk, Monday 2 July 2012
Barack Obama was given an election headache on Monday when the latest health check of US industry revealed that plunging order books sent the manufacturing sector back into recession territory last month.
In a surprise to Wall Street, the monthly snapshot from the Institute for Supply Management fell below the 50 level that separates contracting from expanding output for the first time in three years.
News that the index had dropped from 53.5 in May to 49.7 in June sent shares tumbling in New York and prompted speculation that the US Federal Reserve might step in with fresh measures to boost flagging demand.
The decline in June was largely the result of sharply weaker order books for US manufacturers – a hint that production will remain at low levels over the months to come.
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