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Published on Wednesday, September 03, 2008
By LA Daily News Staff Writer
For the nation's homebuilders, automakers, lumber companies and other manufacturers, the final half of 2008 may be as sluggish as the first.
Slow consumer spending and high gas prices have stalled manufacturing, and even some bright spots are expected to dim. Exports, which have propped up the sector, may slide as economies overseas slow. Meanwhile, construction spending is at a seven-year low that has spread from housing to nonresidential projects.
The Institute for Supply Management said Tuesday its reading for the nation's manufacturers fell to 49.9 in August from 50 in July, matching economists' expectations, according to Thomson/IFR. A reading below 50 signals contraction, while a reading above 50 signals growth.
The index has hovered near the 50 "boom-bust" line all year and industry groups say they expect similarly weak growth for the remainder of the year
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