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Institute For Supply Management
Latest Institute For Supply Management Items
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.
The stock market was mostly lower in midday trading after an industry group reported an unexpected slowdown in U.S. manufacturing last month.
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.
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.
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. 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.