Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Man gets 3 years in prison for having sex with horse
Brown still testing Cavs' lineup
Kosar would be wrong call as GM
Take comfort in knowing Browns could be bigger losers
Sex-toy study at Duke University raises some eyebrows
Akron man turns himself in after authorities turn up heat
Robbers order bar patrons to empty pockets
Blogs:
Pets:
Not 101 Dalmations…but close!
The Heldenfiles:
Friday Notebook
Patrick McManamon:
For your perusal
Akron Zips:
The morning after
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Health Care Financing Reform: (62) The Stupak Amendment
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
By Ellen Simon
Associated Press
POSTED: 11:26 a.m. EST, Jan 02, 2009
NEW YORK: Manufacturing activity fell more than expected in December, hitting the lowest reading in 28 years as new orders and employment continue to decline.
The Institute for Supply Management, a trade group of purchasing executives, said today its manufacturing index fell to 32.4 in December from 36.2 in November. Wall Street economists surveyed by Thomson Reuters had expected the reading to fall to 35.5.
Component readings of the index hit historic lows. New orders fell to their lowest level on records going back to 1948. Prices fell as the number of respondents saying they had paid more in December than in November sank to its lowest monthly reading since 1949.
Any reading for the overall index above 50 signals growth, while a reading below 50 indicates contraction. The index is based on based on a survey of the institute's members, has fallen steadily for the last five months as the economy deteriorated.
The index fell to its lowest level since June 1980, when the economy was near the end of a six-month recession.
Investors shrugged off the grim report on the new year's first day of trading, eager to start fresh after the losses of 2008. Stocks were higher in late-morning trading, with the Dow Jones industrial average up 98.05, at 8,874.44. Broader indexes were also higher.
Only three recessions in the history of the index have showed weaker manufacturing readings, said John Ryding, of RDQ Economics. Those recessions were in 1948 to 1949, 1973 to 1975 and 1980.
With European manufacturing indexes also dropping, ''the case for a massive global fiscal stimulus continues to grow,'' Ryding said.
As the economy sputters through a recession that began in December 2007, no industry is proving resistant. No sector reported overall growth in December. Also, none reported growth in new orders, production, employment or prices, as businesses from tobacco to coal products to foodmakers saw declines.
The employment index showed its lowest reading since 1982. The sector lost 85,000 jobs between October and November, according to the most recent data from the Bureau of Labor Statistics. More losses are expected in coming months as demand continues to be weak.
The chemical industry, for instance, has been battered by both the decline in demand and volatile commodity prices. LyondellBasell Industries, the third-largest independent chemical company in the world, said Wednesday that while several lenders had allowed it to postpone $160 million in loan payments, a Chapter 11 bankruptcy filing might still be an option.
The announcement came just two days after the collapse of a $17.4 billion joint venture between Dow Chemical and Kuwait's Petrochemical Industries Co.
NEW YORK: Manufacturing activity fell more than expected in December, hitting the lowest reading in 28 years as new orders and employment continue to decline.
The Institute for Supply Management, a trade group of purchasing executives, said today its manufacturing index fell to 32.4 in December from 36.2 in November. Wall Street economists surveyed by Thomson Reuters had expected the reading to fall to 35.5.
Component readings of the index hit historic lows. New orders fell to their lowest level on records going back to 1948. Prices fell as the number of respondents saying they had paid more in December than in November sank to its lowest monthly reading since 1949.
Any reading for the overall index above 50 signals growth, while a reading below 50 indicates contraction. The index is based on based on a survey of the institute's members, has fallen steadily for the last five months as the economy deteriorated.
The index fell to its lowest level since June 1980, when the economy was near the end of a six-month recession.
Investors shrugged off the grim report on the new year's first day of trading, eager to start fresh after the losses of 2008. Stocks were higher in late-morning trading, with the Dow Jones industrial average up 98.05, at 8,874.44. Broader indexes were also higher.
Only three recessions in the history of the index have showed weaker manufacturing readings, said John Ryding, of RDQ Economics. Those recessions were in 1948 to 1949, 1973 to 1975 and 1980.
With European manufacturing indexes also dropping, ''the case for a massive global fiscal stimulus continues to grow,'' Ryding said.
As the economy sputters through a recession that began in December 2007, no industry is proving resistant. No sector reported overall growth in December. Also, none reported growth in new orders, production, employment or prices, as businesses from tobacco to coal products to foodmakers saw declines.
The employment index showed its lowest reading since 1982. The sector lost 85,000 jobs between October and November, according to the most recent data from the Bureau of Labor Statistics. More losses are expected in coming months as demand continues to be weak.
The chemical industry, for instance, has been battered by both the decline in demand and volatile commodity prices. LyondellBasell Industries, the third-largest independent chemical company in the world, said Wednesday that while several lenders had allowed it to postpone $160 million in loan payments, a Chapter 11 bankruptcy filing might still be an option.
The announcement came just two days after the collapse of a $17.4 billion joint venture between Dow Chemical and Kuwait's Petrochemical Industries Co.
Comments
Click here to post your comments
Cuyahoga Falls, OH
Posted 12:10 PM, 01/02/2009
This is a big surprise? We don't manufacture much of anything here in this country anymore. It's all farmed out to China and Mexico. Our biggest industry is health care. That tells you all you need to know, right there. America has become the true "nanny state". And this "free" health care that so many of you are clamoring for will be the coup de gras. Hello, socialism.
Green, OH
Posted 01:20 PM, 01/02/2009
Timbo - Wrong. You are thinking of finished goods. You are not thinking about raw materials.
The reason the chemical industry was cited is that chemical manufacturing plays a BIG part in the US economy. Chemicals account for a full 10% of our country's EXPORTS and employ 4% of the population.
