Survey: U.S. Manufacturing at 26-Year Low
The ongoing credit crisis and Hurricane Ike sent U.S. manufacturing to its lowest rate since 1982, the middle of another recession. (Unemployment in 1982 was a staggering 10.8 percent, highest since World War II. It stands at 6.1 percent now.)
In a survey of U.S. manufacturers -- businesses that make plastics, furniture, you name it -- the factory index dropped to 38.9. Any reading of less than 50 and the sector is considered in contraction.
The Institute for Supply Management's factory index was predicted by economists to come in at 41.
The Dow's early gains pared back following the release of the manufacturing survey.
The Dow, the S&P 500 and Nasdaq are flat.
-- Frank Ahrens
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