FINANCIAL TIMES: Barack Obama was hit by more bad news on the economy with new data showing continued weakness in manufacturing activity overshadowing the opening of the Democratic party convention.
The depth of the downturn in manufacturing – once a bright spot in the US recovery – was confirmed when the Institute for Supply Management’s index fell to 49.6, the third straight month of weakness and its lowest level since July 2009. ..
A reading of 50 divides expansion from contraction on the ISM index. The current level is consistent with an economy growing at an annual rate of 2 per cent or less. The Fed has repeatedly indicated it is prepared to offer more support if growth does not pick up quickly… (more)
