Jeffry Bartash of MarketWatch reports that the ISM manufacturing index falls for the third month in a row. He writes:
The numbers: A key barometer of U.S. factories fell in June for the third month in a row, signaling that an ongoing slump in the industrial side of the economy shows no sign of ending.
The Institute for Supply Management’s manufacturing index slipped to 48.5% in June from 48.7% in the prior month. Numbers below 50% signal that the manufacturing sector is shrinking.
“The manufacturing economy still appears to be stalled,” said Timothy Fiore, chairman of the ISM Manufacturing Business Committee. […]
Still, Fiore insisted the industrial side of the economy is not in freefall. “We’re stable,” he said. “That’s not a bad thing.”
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