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US factory activity falls again | US factory activity falls again |
(about 2 hours later) | |
Activity in US factories contracted for the second month running in March, but the figure was still better than economists had been expecting. | Activity in US factories contracted for the second month running in March, but the figure was still better than economists had been expecting. |
The Institute for Supply Management's (ISM) factory activity index rose to 48.6 from February's 48.3. A reading below 50 indicates shrinking output. | The Institute for Supply Management's (ISM) factory activity index rose to 48.6 from February's 48.3. A reading below 50 indicates shrinking output. |
February's report recorded the weakest manufacturing activity for five years. | February's report recorded the weakest manufacturing activity for five years. |
The report's inflation data showed that US prices are rising at the fastest rate in 3 years. | The report's inflation data showed that US prices are rising at the fastest rate in 3 years. |
Economist says that despite a slight improvement in March, the data still shows that US industry is in a slump. | Economist says that despite a slight improvement in March, the data still shows that US industry is in a slump. |
"The fact that the headline index didn't fall and picked up slightly is slightly misleading," said Richard Iley at BNP Paribas in New York. | "The fact that the headline index didn't fall and picked up slightly is slightly misleading," said Richard Iley at BNP Paribas in New York. |
"It is still indicating a very soft manufacturing sector that is likely in recession." | "It is still indicating a very soft manufacturing sector that is likely in recession." |
Falling car sales | |
In another sign of weak factory activity, Ford said its sales in the US in March fell by 14% compared with the same month in 2007. | |
The auto giant blamed a "turbulent economy" for the decline and said it would continue to focus on its reorganisation plan aimed at making it profitable at lower volumes. | |
Sales of Ford's market-leading F-Series pickup trucks were down almost 24%. | |
The overall figures included sales by Jaguar and Land Rover, which were sold to India's Tata Motors during the month. |
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