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Manufacturing declines at slower pace

March 02, 2009

Economic activity in the U.S. manufacturing sector slowed in February, but the rate of decline was slightly less than in January, the Institute for Supply Management reported today. The institute's key purchasing managers' index for manufacturing posted a reading of 35.8 in February compared with 35.6 in January. Only readings of more than 50 indicate expansion.

"Manufacturing continues to decline at a rapid rate in February," said Norbert Ore, chair of the institute's manufacturing business survey committee. "While production has slowed its rate of decline, employment continues to fall precipitously. Prices continue to decline, but price advantages are not sufficient to overcome manufacturers' apparent loss of demand."