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U.S. markets recover from steep losses
TEMPE, Ariz., Jan. 2 (UPI) -- U.S. manufacturing contracted for the first time in 10 months, turning in its weakest performance since spring 2003, a key manufacturing gauge said Wednesday.
The private Institute for Supply Management said its December manufacturing index fell to 47.7 from 50.8 in November and 50.9 in October -- the slowest pace of activity since April 2003.
A gauge figure over 50 indicates growth.
The Tempe, Ariz., research group said its December new-orders index was 45.7, down from 52.6, while its production index hit 47.3, down from November's 51.9.
"Industries close to the housing market appear to be struggling more than others, and those involved in exports seem to be doing better," survey Director Norbert Ore said.
"Slower demand appears to be more of a problem than excessive inventories based on the respondents' comments," he said.
The prices index rose to 68 from 67.5 in November, indicating a rise in prices, the institute said.
The employment index showed contracting payrolls, with a reading of 48, down from 47.8 the month before. The inventories index was 45.5, down from November's 46.9.
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