From Bloomberg: Manufacturing in the U.S. unexpectedly
contracted in May at the fastest pace in four years, indicating industry will
provide scant support for the world’s largest economy. The Institute for Supply
Management’s factory index fell to 49 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, and last month’s reading was the lowest since June
2009. The median forecast of 81 economists surveyed by Bloomberg was 51.
Factory activity has waned since reaching an almost two-year
high in February as across-the-board federal budget cuts took hold and overseas
markets struggled to improve. At the same time, demand for automobiles, the
rebound in residential construction and lean inventories may spark a pickup in
orders and production in the second half of the year….
Need to know more?
Turn to http://www.bloomberg.com/news/2013-06-03/may-ism-manufacturing-index-decreased-to-49-from-50-7-in-april.html
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