US manufacturing growth tapers in July
By Caroline Valetkevitch |
August 4, 2010, Wednesday
|
Print Edition
Print Edition
UNITED States manufacturing grew in July at its slowest pace this year as the stream of new orders tapered off, pointing to a further slackening in the economic recovery.
Still, the manufacturing index was better than many analysts had expected and boosted US stock prices.
Manufacturing has been leading the US recovery, which started in the second half of 2009, and though recent data has suggested weakness, most economists still see low probability of another severe downturn soon.
Other data showed manufacturing picked up in the eurozone in July, while it shrank in China for the first time since March 2009.
The Institute for Supply Management said on Monday its index of national factory activity fell to 55.5 in July from 56.2 in June, the third consecutive monthly decline. An updated median forecast by 74 economists surveyed by Reuters was for 54.2.
A reading above 50 reflects expansion. However, July's measure was the lowest reading since December.
Also, the new orders index dropped to 53.5 in July from 58.5 in June, to its lowest level since June 2009.
Federal Reserve Chairman Ben Bernanke said the economy, though improving, is still short of full recovery.
Still, the manufacturing index was better than many analysts had expected and boosted US stock prices.
Manufacturing has been leading the US recovery, which started in the second half of 2009, and though recent data has suggested weakness, most economists still see low probability of another severe downturn soon.
Other data showed manufacturing picked up in the eurozone in July, while it shrank in China for the first time since March 2009.
The Institute for Supply Management said on Monday its index of national factory activity fell to 55.5 in July from 56.2 in June, the third consecutive monthly decline. An updated median forecast by 74 economists surveyed by Reuters was for 54.2.
A reading above 50 reflects expansion. However, July's measure was the lowest reading since December.
Also, the new orders index dropped to 53.5 in July from 58.5 in June, to its lowest level since June 2009.
Federal Reserve Chairman Ben Bernanke said the economy, though improving, is still short of full recovery.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
