P.M. BRIEFING : Manager Index Falls to 44.4%
NEW YORK — The manufacturing economy declined in September to its lowest level since the nation’s current economic expansion began in December, 1982, the National Assn. of Purchasing Management reported today.
The Purchasing Managers’ Index fell to 44.4%, down from 47% in August.
A reading below 50 generally indicates the manufacturing segment of the economy is experiencing a decline in growth. A reading above 50 usually indicates that the manufacturing portion of the economy is expanding.
“The manufacturing economy ended the third quarter on a sour note,” said Robert J. Bretz, chairman of the association’s business survey committee.
If the index remained unchanged at the September level for the remainder of the year, it would be consistent with real GNP growth of about 1% for 1990, he said.
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