Manufacturing in the U.S. contracted in September at the fastest pace since the last recession as the credit crisis spread beyond Wall Street.
The Institute for Supply Management's factory index dropped to 43.5, the lowest level since October 2001 and below economists' forecasts, the Tempe, Arizona-based group reported today. A reading of 50 is the dividing line between expansion and contraction.
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The UK's manufacturing sector shrank in September at the fastest rate for 17 years, a survey has suggested.
The Chartered Institute of Purchasing and Supply's purchasing managers' index fell to 41 last month, its lowest reading since records began in 1992.
Any reading below 50 indicates a contraction. Domestic demand was particularly weak with clients cancelling orders.
The survey is likely to add to fears that the UK is entering a recession
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Thursday 2 October 2008
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