Economic activity in the manufacturing sector failed to grow in
February for the 13th consecutive month, according to the Institute for
Supply Management (ISM). The group's manufacturing index registered
35.8 percent, 0.2 percent higher than the January index of 35.6. A
reading below 50 percent indicates that the manufacturing economy is
contracting. "While production has slowed its rate of decline,
employment continues to fall precipitously," says Norbert J. Ore, chair
of the ISM's Manufacturing Business Survey Committee. "Survey
respondents appear generally pessimistic about recovery in 2009. Some
express hope that the stimulus package will help their industry." None
of the 18 manufacturing industries reported growth for February. The
ISM calculates the index based on surveyed data from purchasing and
supply executives across the United States.
All contents copyright 2021 Halcyon Business Publications, Inc.