US Manufacturing down again
The US National Association of Purchasing Management (NAPM) has reported that its purchasing index showed a drop in July to 43.6, down from 44.7 in June. An index higher than 50 demonstrates growth in manufacturing, while a figure below 50 shows a fall.
The index is respected as one of the first indications of the state of health of manufacturing in the US, and is based on a survey of executives who purchase the raw materials for manufacturing at more than 350 firms.
The figures represent the twelfth successive month that the manufacturing sector has declined, and mirror figures from the US government last Friday (27 July) that showed growth in GDP fell to 0.7% in the quarter from April to June, the worst performance over the last eight years.
