Tuesday, June 4, 2013

U.S. manufacturing index for April declines

US manufacturing output shrank to its lowest level in four years in May as slowing export growth and tight fiscal policy caused factories to slow production.

The Institute for Supply Management’s manufacturing index tumbled to 49 from 50.7 in April that indicates slow down in manufacturing for the first time since November 2012, when a massive storm hit the East Coast. The index dipped to its lowest level since June 2009, when it registered 45.8 percent. (A reading below 50 indicates a shrinking manufacturing sector).

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