ISM-New York Report Shows Slowing for August 2012
The ISM-New York Report on Business is now out for August 2012. The report is now being released on the 2nd day of the month following the reported month. The weakness continues as today's number fell down to 51.4 in August, over a 55.2 reading during the month of July. The report shows a continued concern the economy is not rebounding as hoped. The good news is that the report was still above 50.0, which marks the growth versus contraction.
Keep in mind that the broader nationwide Report on Business from the ISM was released yesterday and that was more broad than a regional report. Yesterday's report showed that the manufacturing sector has now contracted for the third time in August since July 2009 (and it was the lowest reading since then as well), but the ISM maintained that the overall economy is still up for the 39th consecutive month when you include the services sector.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Economy