September 6, 2001
Just days after Wall Street jumped for joy as the NAPM manufacturing index advanced to 47.9 in August from 43.6 in July, the non-manufacturing survey indicates that this sector -- which makes up four-fifths of the economy -- is getting worse. The non-manufacturing NAPM index tumbled to 45.5 in August from 48.9 in July -- the fourth month in the last five in which the sector contracted (a reading below 50 indicates contraction). For its part, despite the slight uptick reported on Tuesday, the manufacturing sector also has been contracting for the past 13 months, according to the NAPM.
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