Manufacturing in the United States plummeted in May. Of course, this news was very unexpected.
Manufacturing in the U.S. unexpectedly shrank in May at the fastest pace in four years, showing slowdowns in business and government spending are holding back the world’s largest economy.
The Institute for Supply Management’s factory index fell to 49, the lowest reading since June 2009, from the prior month’s 50.7, the Tempe, Arizona-based group’s report showed today. Fifty is the dividing line between growth and contraction. The median forecast of 81 economists surveyed by Bloomberg was 51. (Read More)
I’m sure the Democrats will just blame this on Bush, or the GOP, or whatever scapegoat is handy at the moment. They may pounce on that part about a slowdown in government spending, as if an annual budget of three and a half trillion bucks a year isn’t enough. But at least Ben Bernanke will have yet another excuse to keep pumping.
H/T PJ Tatler