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 In Latest Sign of Recession, US Manufacturing Growth Plummets to Two-Year Low

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In Latest Sign of Recession, US Manufacturing Growth Plummets to Two-Year Low Vide
PostSubject: In Latest Sign of Recession, US Manufacturing Growth Plummets to Two-Year Low   In Latest Sign of Recession, US Manufacturing Growth Plummets to Two-Year Low Icon_minitimeWed Oct 05, 2022 8:55 pm
U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted amid aggressive interest rate increases from the Federal Reserve to cool demand and tame inflation.

In Latest Sign of Recession, US Manufacturing Growth Plummets to Two-Year Low 2022-10-03T140619Z_2_LYNXMPEI920NU_RTROPTP_4_USA-ECONOMY-MANUFACTURING-736x491

The Institute for Supply Management (ISM) survey on Monday also showed a measure of factory employment contracted last month for the fourth time this year. ISM Manufacturing Business Survey Committee chair Timothy Fiore said "companies are now managing head counts through hiring freezes and attrition to lower levels, with medium- and long-term demand more uncertain."

Fiore, however, noted that there were no comments from firms about large-scale layoffs, which he said indicated that "companies are confident of near-term demand." The Fed's tighter monetary policy campaign has raised fears of a recession next year, igniting a sharp sell-off on the stock market.

"The good news is that there are welcome signs that prices are stabilizing," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan.

.https://freebeacon.com/latest-news/us-manufacturing-growth-slows-in-latest-sign-of-recession/
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