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U.S. markets recover from steep losses
TEMPE, Ariz., Feb. 1 (UPI) -- U.S. manufacturing contracted in January fell to its lowest level in nearly three years, a private industry group reported Thursday.
The Institute for Supply Management's manufacturing index fell to 49.3, the lowest level since April 2003, from December's 51.4. A reading of less than 50 means contraction.
"After a slight rebound in December, the manufacturing sector failed to grow in January," survey committee Chairman Norbert Ore said. Manufacturing was "starting 2007 in a less-than-robust fashion," he said.
Manufacturers' inventories dropped 8.6 percentage points to 39.9 -- the largest point decrease since August 1984 -- "indicating that a significant liquidation is taking place in many supply chains," Ore said.
The institute's new-orders index, accounting for about a third of the total, fell to 50.3 from 51.9. The measure of work being performed dropped to 49.6 from 52.4.
The group's measure of prices paid for raw materials rose to 53 from 47.5 the month before.
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