Stat of the Day: Manufacturing Index Drops to 28 Year Low
- The Institute for Supply Management, a trade group of purchasing executives, said Friday its manufacturing index fell to 32.4 in December, a greater-than-expected decline from November's reading of 36.2. Wall Street economists surveyed by Thomson Reuters had expected the reading to fall to 35.5.
- New orders fell to their lowest level on records going back to 1948.
- Prices fell as the number of respondents saying they had paid more in December than in November sank to its lowest monthly reading since 1949.
- Only three recessions in the history of the index have showed weaker manufacturing readings, said John Ryding, of RDQ Economics. Those recessions were in 1948 to 1949, 1973 to 1975 and 1980.