Jan 03 2009
Manufacturing Down Sharply in the US
Just another sign of the times:
U.S. manufacturing activity decreased in December at its fastest pace in nearly 30 years, as businesses cut production and slashed product orders in response to the global recession, according to a closely watched survey.
The Institute for Supply Management’s index of industrial production slipped from 36.2 percent in November to 32.4 percent in December, the lowest level since June 1980. A reading above 50 indicates that manufacturing activity is expanding, while a reading below 50 indicates a contraction.
None of the industries covered in the survey reported an expansion in their business, and the drop registered not just in the institute’s index of production, but also in the volume of new orders and raw material costs.
spending goes down, production goes down. Yikes though… I wonder how bad this will all get?