By Paul Wiseman
AP Economics Writer
WASHINGTON (AP) — American factories grew at a slower pace last month and there are concerns that surging coronavirus infections will endanger an economic recovery.
The Institute of Supply Management, an association of purchasing managers, reported Tuesday that its manufacturing index dipped to 57.5 in November from 59.3 in October. Any reading above 50 signals that manufacturing is expanding. The ISM index plunged in the spring but has since bounced back and now shows factories on a six-month winning streak.
New orders and production grew more slowly last month. Hiring actually dropped, reversing a gain in October. New export orders grew faster. Sixteen of 18 industries surveyed reported growth last month, led by apparel and mineral manufacturers.
The U.S. economy collapsed from April through June and has since been recovering. But a sharp increase in infections is raising fears that the recovery will lose momentum as state and local governments issue lockdown orders and Americans stay home on their own to avoid infection.
“For now, the manufacturing sector appears to be weathering another round of virus outbreaks fairly well,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note. “However, the outlook is uncertain given targeted restrictions and shutdowns, at home and abroad, could disrupt activity and weigh on demand.”
- Posted December 03, 2020
- Tweet This | Share on Facebook
Factories grew more slowly last month; index dips to 57.5
headlines Oakland County
- Bench/Bar Conference
- Whitmer signs bipartisan bills to support the education and safety of Michigan Children, other legislation
- Attorney general decries latest DTE electric rate hike request
- Federal judges approve redraw of Detroit-area state House seats ahead of 2024 election
- Local moot court team impresses at ABA National Advocacy Competition
headlines National
- 50 Years of Service: ABA has been a ‘stalwart ally’ for LSC funding
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Biden recalls time he bluffed knowledge of torts case and why he changed his mind about civil-trial work
- Lawyers’ ‘barrage of personal attacks’ on opponents started with tissue-box toss, appeals court says
- Longtime prosecutor resigns after judge tosses him from case, citing Perry Mason-type revelations
- 24% of law students expect to work in public service, survey says