NAPM Index Drops to 47.0
NEW YORK (AP) _ Manufacturing activity contracted for the 14th consecutive month in September, according to a survey released Monday in one of the first gauges of the health of the U.S. economy since the terrorist attacks.
The Tempe, Ariz.-based National Association of Purchasing Management said Monday that its index of business activity fell to 47 from 47.9 in August. Nevertheless the drop was smaller than the 45.0 reading analysts were expecting.
Respondents surveyed said it was too soon to determine the effects of the Sept. 11 attacks in Washington and New York, the NAPM said.
An index above 50 signifies growth in manufacturing, while a figure below 50 shows contraction.