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Factory Upturn Slows To A Crawl As Orders Slow, Stocks Dwindle Just A Pause -- Or Worse? ISM gauge still over 50, implying growth, in sign '02 recovery is like '91's.(A)
Byline: CHRISTINA WISE
Though manufacturing activity expanded for the sixth straight month in July, its pace slowed to a crawl, new data show.
The Institute for Supply Management's purchasing managers' index, which gauges factory activity, slid to 50.5 in July from 56.2 in June. Analysts had expected 55. Readings above 50 indicate expansion, those below 50 contraction.
The data echoed similar readings the day before from the Fed's Beige Book and the Chicago Purchasing Managers' index.
At the same time, the Commerce Department said construction spending sank 2.2% last month from June and 3.7% from a year earlier. The broad drop suggested the 1.1% estimate for second quarter GDP released Wednesday may be revised down sharply.
The disappointing reports, combined with a string of dismal corporate news, weighed on the stock market. The Dow tumbled 2.6%, while the S&P 500 shed 3%. The Nasdaq fared worst, off 3.6%.
ISM survey Chairman Norbert Ore said the index's drop was driven by a decline in orders and might mark a pause in inventory rebuilding.
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