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Manufacturing Shrinks in August Sep 3, 2008 |
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U.S. manufacturing activity dipped in August amid sluggish orders, according to the Institute for Supply Management. The Institute's reading for U.S. manufacturers fell to 49.9 from 50 in July. A reading below 50 signals contraction. In addition, the group's inflation index hit a six-month low.
Readings for new orders, the backlog of orders, inventories, and employment all signaled contraction in the sector while readings for exports and production showed expansion.