Purchasing managers see loss of momentum
October 2, 2006,
Tempe , Ariz. -- U.S. manufacturing activity continued to grow during September, but just barely, the nation's purchasing managers reported in their monthly canvass of smoke stack America . The widely watched Institute for Supply Management (ISM) monthly gauge of activity fell by 1.6% to a reading of 52.9, held back by slowdowns in production, employment, supplier deliveries, inventories, exports , and order backlogs.
"It's apparent that manufacturing is losing momentum and feeling the effe cts of higher interest rates and a weaker ho using market," said Norbert O re, chairman of the ISM's Manufacturing Business Survey Committee.
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