U.S. manufacturing levels fell to a three-year low in June, evidencing that economy may well be heading back towards another recession.
The Institute for Supply Management [ISM], a trade group of purchasing managers, reported today that its index of manufacturing activity declined from 53.5 in May to 49.7 in June, indicating that U.S. manufacturing activity is contracting.
Moreover, the index measure for June is the lowest on record since July 2009, one month after the consensus date of June 2009 as the official end of the recent recession.
And more bad news: not only did production fall to a three-year low, but the ISM index for new orders for manufactured goods plummeted from 60.1 in May to 47.8 in June, and its index for U.S.…
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