3/4/2008

Manufacturing activity in the U.S. hit a five-year low last month as factories cut back in the face of falling demand and increasing prices. The manufacturing index published by the Institute for Supply Management fell to 48.3 in February, down from a reading of 50.7 the month before. One economist noted the relative strength of that number, however, as previous recessions have seen the index fall below 45 for months at a time.

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