Monday, June 3, 2013

US Factory output collapsing at fastest pace over past four years

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.

http://www.bloomberg.com/news/2013-06-03/may-ism-manufacturing-index-decreased-to-49-from-50-7-in-april.html