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US manufacturing sector shrinks for 12th straight month

(Xinhua)
Updated: 2009-02-03 15:31

WASHINGTON -- Economic activity in the US manufacturing sector failed to grow in January for the 12 consecutive month, and the overall economy contracted for the fourth straight month, the Institute for Supply Management(ISM) reported on Monday.

Related readings:  Americans' saving more, spending less  In America, spending no longer fashionable  US jobless rate jumps to 16-year high in December

The Tempe, an Arizona-based trade group, said its manufacturing index, which reflects the opinions of purchasing managers at factories, plants and utilities, registered 35.6 last month, representing an improvement from a nearly three-decade low of 32.9 in December 2008.

A reading above 50 indicates growth while a reading below 50 indicates contraction.

For January, the ISM's production index registered 32.1, up from December's 26.3. The index for new orders, meanwhile, rose to 33.2 from a reading of 23.1 the previous month.

"While this is a significant month-to-month improvement, it is still a sign of continuing weakness in the sector," Norbert J. Ore, chair of the ISM manufacturing business survey committee, said.

The ISM is a trade association representing about 40,000 supply management professionals.

The index measuring exports, a key source of strength for manufacturers over the past couple of years, edged up to 37.5 from 35.5. The index for employment held at 29.9 last month.

The price index, which is an inflation gauge, jumped to 29.0 last month from 18.0 in December. The index "continues to indicate significant deflation in the prices that manufacturers have to pay for their inputs, and this should ultimately be good for the consumer," Ore said.

"Comments from our respondents indicate that it will take a recovery in automobiles and housing for the manufacturing sector to once again prosper," he said.