ISM Index of U.S. Manufacturing Decreased to 49.6 in August
The Institute for Supply Management's U.S. factory index fell to 49.6 in August from 49.8 a month earlier, the Tempe, Arizona-based group said today.
Economists in a Bloomberg survey projected an August reading of 50, which is the dividing line between expansion and contraction. Estimates from the 81 economists ranged from 48.7 to 51.5. The gauge averaged 55.2 in 2011 and 57.3 a year earlier.
In the euro area, manufacturing contracted more than initially estimated in August, suggesting the economy may struggle to avoid a recession in the third quarter.
The gauge of manufacturing in the 17-nation euro area based on a survey of purchasing managers was revised lower to 45.1 from the reading of 45.3 estimated earlier, Markit said yesterday. The index, which stood at 44 in July, has held for 13 months below 50, indicating contraction.
In China, manufacturing slowed further in August, surveys of purchasing managers showed, with one gauge at the lowest level since March 2009. A factory index released yesterday by HSBC Holdings Plc and Markit dropped to 47.6, the lowest in more than three years.
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