Midwest manufacturing slows down
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Manufacturing News, Source : TheManufacturer.com
Published : 31 Oct 2002 21:15
Midwest manufacturing experienced a contraction in October, according to the National Association of Purchasing Management-Chicago index, which dropped to 45.9, the lowest level since January.
A reading above 50 indicates an expanding manufacturing sector, while a reading below 50 signifies a contraction. As a result, economists suspect the Federal Reserve will cut interest rates again.
Bill O’Grady, VP and director of futures at AG Edwards & Sons in St. Louis, said it’s probably going to push the Fed to ease. We’re probably going to come in below 50 for the national manufacturing report again, he said.
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