MAPI analysis of ISM Index indicates economic slowdown.
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Press Release Summary:
According to Thomas J. Duesterberg, Ph.D., President and CEO of Manufacturers Alliance/MAPI, "The February 2008 ISM report confirms that even the strong export sector cannot offset the overall domestic slowdown due in large part to weak residential construction, weak auto sales, and a growing credit crunch...Monetary and fiscal stimulus will cushion the slowdown, but additional policy measures both here and abroad may be needed to bring us out of recession."
Original Press Release:
MAPI Comment on ISM Index: Overall Domestic Slowdown
The following is an analysis from Thomas J. Duesterberg, Ph.D., President and Chief Executive Officer of the Manufacturers Alliance/MAPI, regarding the Institute for Supply Management (ISM) report for February 2008:
"The February 2008 ISM report confirms that even the strong export sector cannot offset the overall domestic slowdown due in large part to weak residential construction, weak auto sales, and a growing credit crunch," said Thomas J. Duesterberg, President and Chief Executive Officer of the Manufacturers Alliance/MAPI. "Factory orders reported last week also showed weakness in computer and information technology output, and sluggishness in overall business investment. High commodity prices, especially for energy and metals, are also starting to erode profit margins. Monetary and fiscal stimulus will cushion the slowdown, but additional policy measures both here and abroad may be needed to bring us out of recession."
