Purchasing indexes plunged in September
Manufacturing sector is contracting
By Tom Stundza -- Purchasing, 10/1/2008 5:33:00 PM
Manufacturing activity plunged in September, signaling ongoing sluggishness in the sector, according to two key gauges. Purchasingdata.com’s business activity index is 42.0 on an index which requires 50.0 to show growth. Now, the Institute of Supply Management’s September index, issued today, is 43.1.
The ISM index “indicates a significantly faster rate of decline in manufacturing during September, marking a departure from the 2008 trend toward negligible growth or slight contraction each month,” says Norbert Ore, who directs the survey for the purchasing managers’ group. Interestingly, the ISM still insists that “the overall economy is growing” even though it admits “the manufacturing sector is contracting.”
See also: Credit crisis and economy are bound to worsen
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