The US manufacturing sector has taken a dive in December to a 28-year low amid a deepening recession now embracing the once superpower. Figures released by the Institute for Supply Management (ISM) suggest that the United States manufacturing output has now contracted for five months in a row, with activity declining to 32.4 percent in December from 36.2 percent in October.
"Manufacturing activity continued to decline at a rapid rate during the month of December," ISM said in a statement on Friday, AFP reported.
"The decline covers the full breadth of manufacturing industries, as none of the industries in the sector report growth at this time."
A reading above 50 percent indicates that the manufacturing economy is generally expanding while that below 50 percent signals it is generally contracting.
This is the fifth consecutive month that the index has been in slowdown, and the third straight month of sub-40 levels, indicating rapid slowdown in nationwide manufacturing.
Historically, a headline index above 41.1 in the manufacturing industry is consistent with overall growth in the broader economy, according to the index. This is the third straight month the index has been below that level.
http://www.presstv.ir/detail.aspx?id=80256§ionid=3510203
Topic: US manufacturing output at 28-year low (Read 705 times)