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Topic - Institute For Supply Management
The stock market was mostly lower in midday trading after an industry group reported an unexpected slowdown in U.S. manufacturing last month.
A measure of U.S. manufacturing fell in May to its lowest level since June 2009 as slumping overseas economies and weak business spending reduced new orders and production.
Friday's official jobs numbers were better than expected. The Labor Department says 165,000 private-sector positions were created in April, pushing the unemployment rate down to 7.5 percent, a decline of only a tenth of a percentage point from March.
A survey shows U.S. manufacturing activity expanded more slowly in March than February, held back by weaker growth in production and new orders. But factories hired at the fastest pace in nine months, an encouraging sign ahead of Friday's report on March employment.
With only weeks to go, American businesses are bracing for the impact of the "fiscal cliff" in major ways.
Stocks edged lower on Wall Street Monday after a surprisingly weak manufacturing report heightened concern that fiscal deadlock in Washington is already hurting the economy.
U.S. manufacturing shrank in November to its weakest level since July 2009, the first month after the Great Recession ended. Worries about automatic tax increases in the New Year cut demand for factory orders and manufacturing jobs.
U.S. service companies grew at a slightly slower pace in October than September because of a decline in new orders. But a measure of employment rose, indicating services firms hired more.
U.S. service companies grew in June at the slowest pace in nearly two and a half years, a troubling sign for the economy.
U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.
U.S. service companies expanded at a healthy pace last month and stepped up hiring, more evidence that the economy is growing and adding jobs.
Service businesses such as restaurants, hotels and financial companies in July experienced their weakest growth in 17 months.
Service businesses such as restaurants, hotels and financial companies experienced their weakest growth in 17 months in July.
The stock market started off strong on Monday upon the news of Osama bin Laden's death at the hands of U.S. forces, but lost steam late in the day as all three major market indices finished in the red.
The U.S. service sector, the nation's predominant employer, expanded in September for a ninth straight month, although the growth has not been consistent enough to dent the high unemployment rate.