Economists surveyed by Bloomberg News had expected the index to drop to 48.0 in April 2008.
Readings above 50 indicate economic growth; readings below 50, economic contraction.
With April 2008's 48.6 reading, the metric has indicated a contraction for three consecutive months.
Economist David H. Wang told BloggingStocks Thursday the April ISM stat "clearly shows the U.S. economy, from a factory activity standpoint, is growing at the slowest of levels."
Also, the employment index declined to 45.4% in April 2008 from 49.2% in March 2008. The prices index increased to 84.5% in April 2008 from 83.5% in March 2008.
Most components in the ISM manufacturing metric indicated the U.S. economy is contracting; only one, exports, indicated growth/expansion.
Economic Analysis: Another bearish ISM manufacturing data point for the U.S economy. Now below 50 for three straight months, the reading indicates a pronounced slowing of the economy, which was confirmed by the 0.6% Q1 2008 GDP growth rate announced by the U.S. Commerce Department Wednesday. Both business and consumer demand have slowed markedly in the past quarter, as the ripples from the housing / residential construction market slump continue to work their way through the U.S. economy.
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Reader Comments (Page 1 of 1)
5-01-2008 @ 1:11PM
clem591 said...
google EO 11110
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)