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US manufacturing hits 26-year low: ISM
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US manufacturing slumped to a 26-year low in November, highlighting the abrupt downturn in the world’s biggest economy, a survey showed Monday.
The Institute of Supply Management said its manufacturing index slumped 2.7 points to 36.2 percent, far below the 50 percent level that separates expansion and contraction. The level was the lowest since May 1982.
New orders fell even further to a level of 27.9 percent, suggesting the worst may not be over yet for the sector.
"When comparing November to October, the (index) indicates a continuing rapid rate of contraction in manufacturing," said ISM survey chief Norbert Ore.
"New orders have contracted for 12 consecutive months, and are at the lowest level since June 1980 when the index registered 24.2 percent."
"The manufacturing recession deepened further in November," said economist Peter Kretzmer at Bank of America.
"Orders plummeted at an increasing pace, and input prices continued their accelerating pace of decline. Both import and export orders also continued to fall."
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December 2nd, 2008 at 7:05 pm
The us is done doing anything but war. Over–kaput-history. Buh bye.
December 2nd, 2008 at 8:39 pm
Thank you President, Congress, Senate, for NAFTA,GATT, CAFTA, for the opportunity to export Americas jobs, unemployee our trades and talent and destroy the industrial base and make America a third world nation. Estimates put it between 12 nad 15 jobs are related to the automotive industry. Yet the big three must go to Washington and grovel before a group of know nothing Congress that have been held hostage by criminal bankers. Congress releases trillions without questions to the bankers with no accountability. In world war II the auto company’s gladly retooled at a moments notice to produce the necessary equipment, weapons, trucks, tanks, airplanes that the GOVERNMENT required to defeat the enemy so the rest of us, all of America, including the assholes in Washington and the shit nozzle bankers didnt grow up speaking German. The auto industry employees, highly skilled and often times over paid people, true. But it is the backbone of the US industrial complex. It is most obvious. That the objective is to destroy America and the union either by the auto company’s or the government wishes or both. America has allowed the banker parasites to feed on us long enough. Destroy the money changers.
December 3rd, 2008 at 1:13 pm
don’t forget that a lot of the manufacturing downturn was caused by bill clinton and his policies that changed our “fast food jobs” to be listed as “food manufacturing” jobs. It totally started the rape process that we are JUST NOW starting to feel in the past 8 years or so (thus giving the impression that bush caused it all, when really he was just a symptom of the disease that is the elite)
December 3rd, 2008 at 1:15 pm
NNo surprise. Next year will make it a 27 year low.