Monday, November 3, 2008

ISM Report: Manufacturing Contracted in October

Per ISM:

Manufacturing contracted in October as the PMI registered 38.9 percent, 4.6 percentage points lower than the 43.5 percent reported in September. This is the lowest reading since September 1982 when the PMI registered 38.8 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.