A glum-inducing report from CNN, “Manufacturing activity at 26-year low“:
NEW YORK (CNNMoney.com) — A key index of the nation’s manufacturing activity fell to a 26-year low, sliding into recession territory, according to a purchasing managers group.
The Institute for Supply Management’s (ISM) said Monday that its manufacturing index tumbled to 38.9 in October from 43.5 in September. It was the lowest reading since September 1982, when the index registered 38.8.
The ISM summary is available here. But the section, “What Respondents are Saying” isn’t so dour:
- “Credit market causing suppliers to run closer on terms.” (Food, Beverage & Tobacco Products)
- “Appear to be bouncing along the bottom — volume is good but pricing is tough.” (Primary Metals)
- “Although the volume was down compared to last month, the volume was still higher than last year at the same time.” (Chemical Products)
- “Hurricane in Houston disrupted production for 10 days at our plant.” (Fabricated Metal Products)
- “Delivery issues continue across our range of purchased commodities as suppliers trim inventory commitments.” (Electrical Equipment, Appliances & Components)
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