Analysts: U.S. Economy Weakening Faster Than Expected

AP:

The U.S. manufacturing economy unexpectedly contracted in December, ending a streak of 10 consecutive months of growth and sinking to its lowest point in almost five years, a private research group said Wednesday. The decline suggests that the overall economy may be weakening faster than some economists predicted.

The figures are closely watched because a slowdown in factory production can translate to job cuts, which in turn reduces consumer spending -- a major component of the economy.

The Institute for Supply Management, a Tempe, Ariz.-based private research group, said its manufacturing index registered 47.7 last month, down 3.1 percentage points from the 50.8 recorded in November. A reading above 50 indicates growth; below that level indicates contraction.

Read the whole story: AP

Comments

[ajax2]

WASHINGTON (AP) - Mortgage application volume declined 11.6 percent during the week ending Dec. 28, according to the trade group Mortgage Bankers Association's weekly application survey.

[FightingTheRight]

Worsening faster than expected by who??!!!

[wadenelson1]

Great picture choice. MAN engines are built in Germany.

[getoffmedz]

Never-ending pointless wars, global oil exploitation driving inflation, NO research & development (cuts into profits), out-sourcing employment, illegal immigration, higher taxes, government protection of irresponsible corporate interests during the past eight years are ruining our economy and reducing YOUR way of life to third world status.

Working families two paychecks into credit card debt and upside-down on their mortgages are totally screwed.

By March EVERYONE will feel the effects of the absolute worst administration in our once proud history. The long-term effects of these criminals now in office amount to a landmine in our economy.