U.S. manufacturing contraction slowest since August

A private-sector measure of U.S. manufacturing activity declined last month at the slowest pace since August. Production jumped to its highest level in more than two years as manufacturers worked to restock customers' bare shelves, another sign that the recession may soon be over.
AUG 03, 2009
By  Bloomberg
A private-sector measure of U.S. manufacturing activity declined last month at the slowest pace since August. Production jumped to its highest level in more than two years as manufacturers worked to restock customers' bare shelves, another sign that the recession may soon be over. The Institute for Supply Management, a trade group of purchasing executives, said Monday that its manufacturing index read 48.9, up from 44.8 in June. That's better than the 46.2 reading analysts polled by Thomson Reuters expected. "If we stay on trend ... we would expect to be above 50 next month," said Norbert Ore, chair of ISM's manufacturing survey committee. A reading above that threshold would indicate growth in manufacturing, something that hasn't happened since January 2008. The pace of decline has been slowing since the index hit a 28-year low of 32.9 in December. And it was the third straight monthly reading above 41.2, which tends to indicate expansion in the overall economy if sustained at such levels, according to the ISM. The moderating decline in U.S. manufacturing mirrors improvements in the industrial sectors in China, Britain and Europe. In July, new orders and production hit their highest levels since the summer of 2007, while new export orders tipped into growth territory after shrinking for nine months. The manufacturing index is based on a survey of the Tempe, Ariz.-based group's members.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.