Today, the Institute for Supply Management released their latest Report on Business for the manufacturing sector indicating that economic activity continued to weaken in July with assessments of most measures slowing.At 50.9 the purchasing manager’s composite index (PMI) declined a whopping 7.96% since June and slid 7.62% below the level seen a year earlier.
Some respondents indicated sluggish domestic sales, slowing trends and hesitation coming as a result of the debt ceiling debate:
"Market conditions — Europe weak, U.S. soft, Asia strong." (Computer & Electronic Products)
"Export sales very strong, while domestic sales are sluggish." (Paper Products)
"The looming debt ceiling has government agencies backing away from spending. Forecasting a slowdown in demand in the short term." (Transportation Equipment)
"Generally seeing a slowdown, which is typical this time of year. Hopeful that this is seasonal only." (Plastics & Rubber Products)
"Most industrial customers seem to be sustaining their business. Export orders continue to remain strong. Price pressures persist, especially with commodity materials." (Chemical Products)
