World
Slump seen in US manufacturing
WASHINGTON : Growth in the US manufacturing sector slumped markedly in May, according to data published Wednesday, the
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A drop in new orders and production sent a keenly watched barometer of the sector downward, at a much more rapid pace than expected.
The Institute of Supply Management said its manufacturing index dropped nearly seven percentage points from April, to 53.5 percent.
New orders alone dropped by almost a fifth.
"Slower growth in new orders and production are the primary contributors to this month's lower... reading," the institute said.
The news comes on the back of indicators showing the housing and jobs sectors are in difficulty.
Copyright AFP (Agence France-Presse), 2011