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Factory slump wears on, construction dips »

Posted by: STONERS 3 months, 1 week ago

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Factory activity contracted in May for the fourth consecutive month and inflation pressures surged to their highest since in four years, heightening concerns about the world's largest economy.

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STONERS3 months, 1 week ago

"The Institute for Supply Management said its index of national factory activity rose in May to 49.6 from April's 48.6, below the level of 50 that signals contraction although slightly above market expectations. Combined with the ISM's data on inflation, the report gave rise to concerns about stagflation -- rising prices in a weak economy."
"This year's manufacturing slump is the worst since 2003, when the ISM index spent five consecutive months below 50 from February to June that year."
"A separate report showing construction spending, struggling with a protracted housing slump, fell less than expected in April added weight to the argument that the economy is weak but may not be in recession."
"This is consistent with an economy that's still expanding, not one that's in recession. So things are soft but are not collapsing."

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