Reuters: Industrial growth could slow to crawl in already weak U.S. recovery
More ominous economic news from Reuters, as Democrats convene to re-anoint their chosen one. Maybe they chose poorly: “Overall, today’s report keeps intact concerns that industrial output growth could slow to a crawl in the remaining months of 2012,” said JP Morgan economist Michael Feroli. More via Reuters. Image via Shutterstock.
Manufacturing in the United States shrank at its sharpest clip in more than three years last month, a survey showed on Tuesday, the latest sign that the slowing global economy is weighing on an already weak U.S. recovery.
August was the third month in a row of contraction in the factory sector, according to an Institute for Supply Management survey. Firms hired the fewest workers since late 2009, a possible red flag for the August U.S. jobs report due on Friday.