While you were sleeping: US manufacturing shrinks

Tue, 01 Dec 2015

By Margreet Dietz Dec. 2 (BusinessDesk) - Wall Street advanced after a report showing a surprise contraction in US manufacturing bolstered hopes the Federal Reserve will keep the pace of interest rate increases slow. The Institute for Supply Management said its manufacturing index unexpectedly slid, falling to 48.6 in November, the lowest level in nine years and down from 50.1 in October. “It’s the perfect storm for manufacturing,” Brett Ryan, a US economist at Deutsche Bank Securities in New York, told Bloomberg. “Traditionally, the m...

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