Special Report:Global Financial Crisis
WASHINGTON, Feb. 2 (Chinese media) -- Economic activity in the U.S. manufacturing
sector failed to grow in January for the 12 consecutive month, and the overall
economy contracted for the fourth straight month, the Institute for Supply
Management (ISM) reported on Monday.
The Tempe, an Arizona-based trade group, said its manufacturing index,
which reflects the opinions of purchasing managers at factories, plants and
utilities, registered 35.6 last month, representing an improvement from a nearly
three-decade low of 32.9 in December 2008.
A reading above 50 indicates growth while a reading below 50 indicates
contraction.
For January, the ISM's production index registered 32.1, up from December's
26.3. The index for new orders, meanwhile, rose to33.2 from a reading of 23.1
the previous month.
"While this is a significant month-to-month improvement, it is still a sign
of continuing weakness in the sector," Norbert J. Ore, chair of the ISM
manufacturing business survey committee, said.
The ISM is a trade association representing about 40,000 supply management
professionals.
The index measuring exports, a key source of strength for manufacturers
over the past couple of years, edged up to 37.5 from35.5. The index for
employment held at 29.9 last month.
The price index, which is an inflation gauge, jumped to 29.0 last month
from 18.0 in December. The index "continues to indicate significant deflation in
the prices that manufacturers have to pay for their inputs, and this should
ultimately be good for the consumer," Ore said.
"Comments from our respondents indicate that it will take a recovery in
automobiles and housing for the manufacturing sector to once again prosper," he
said.
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