Economic growth weakens, unemployment grows
Adjust font size:
Manufacturing News, Source : TheManufacturer.com
Published : 02 Aug 2002 19:45
Contrary to analysts’ expectations, the Institute for Supply Management’s purchasing manager’s index, used to gauge overall economic health, fell to 50.2 in July, down from 56.2 in June.
A reading below 50 suggests contraction. Norbert Ore, ISM survey chairman, attributes the sudden drop to a decline in orders.
Such a sharp decline has elicited concern from experts around the country. However, James Glassman, senior US economist for JP Morgan, advises not to get too carried away with the numbers. It’s possible that manufacturing is taking a new leg down, but it’s just as likely to be a bump in the road, he said.
Unemployment is at a seven year high this month, with only 6,000 jobs created where experts forecasted 50,000, according to a report released by the US Labor Department. Analysts predict that 150,000 jobs need to be created each month to keep unemployment from rising.
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Related Content
Guest Editorial: Checklist - Seven Recommendations for Improved Profits
by Abbott A. Imberman, PhD, Professor of...
more…
FKI LOGISTEX OPENS NORTH AMERICAN TECHNOLOGY & EDUCATION CENTER (TEC)
(St. Louis, Missouri, USA: July 10, 2007) FKI...
more…
Guess selects the tradecard platformand SourceView suite to optimize global trade
NEW YORK, July 10, 2007 – TradeCard Inc., the...
more…
Kimberly-Clark Professional Crosses Final Touchless Frontier With Introduction of First Electronic Bath Tissue Dispenser
ROSWELL, Ga. (July 9, 2007) – Kimberly-Clark...
more…
Boeing Celebrates the Premiere of the 787 Dreamliner
EVERETT, Wash., July 08, 2007 -- Today, Boeing...
more…
no comments yet...