U.S. Manufacturing Contracted in NovemberFont size: A | A | A10:00 AM ET 12/1/08 | Briefing.com
Stocks extend opening declines in broad-based weakness and then drop some more as two economic reports are released. Losses range from 2.7% (consumer staples) to 6.6% (financials).
U.S manufacturing in November contracted the most since 1982, according to a national survey. Specifically, the November ISM Index declined to 36.2 from the October reading of 38.9. This was worse than the consensus estimate of 37.0 and, since the number was below 50, represents contraction in U.S. manufacturing. The survey shows continued signs of dropping prices, with the ISM Prices Paid Index declining to 25.5 from October's reading of 37.0.
Construction spending in October fell 1.2%, which was worse than the expected decrease of 1.0%.
Treasuries prices are rallying, causing yields to drop to record lows. The 10-year note is up more than a point to send its yield to just 2.80% and the 30-year bond is up more than three points to send its yield down to just 3.28%.
发表于 2008-12-1 20:10
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