Manufacturing growth slows, labor market struggling

By Lucia Mutikani and Steven C. Johnson – June 21 2012

People participate in a job fair in New York June 11, 2012. REUTERS/Eric Thayer

(Reuters) – Manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed as overseas demand for U.S. products waned, an industry survey showed on Thursday.

The number of Americans filing new claims for unemployment benefits was also little changed last week, according to the U.S. Labor Department.

Financial information firm Markit said its U.S. “flash” manufacturing Purchasing Managers Index fell to 52.9 from 54.0 in May. The June reading was the lowest since last July although it stayed above 50, indicating expansion in activity.

For the second straight month, weaker demand from Europe and large emerging markets such asChina dented sales. Markit said U.S. manufacturers reported the second largest decline in new export orders since September 2009.

View More 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s