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US Manufacturing Substantially Weakens

Posted by Steve Markowitz on July 2, 2012

The Wall Street Journal reported on a significant drop in the ISM’s manufacturing purchasing managers’ index.  For the first time in three years, US manufacturing contracted with the ISM’s index dropping from 53.5 in May to 49.7 in June, significantly below the consensus view of economists.

The manufacturing report is significant since this part of the economy is a source of good middle-class jobs in the United States.  It is another sign that President Obama’s Stimulus spending is wearing off and at best only temporary improved the Country’s economic activity.

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