Economy Slowed in December for 8th Month in Row
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NEW YORK — The economy slowed for the eighth straight month in December but at the lowest rate of decline in six months, purchasing executives at the nation’s industrial companies reported today.
The National Assn. of Purchasing Management, which charts economic trends by polling its members, said its index registered 48% in December, up from 46.6% in November but down from 57.3% in December of 1988.
Last month’s reading was the highest since last June. A reading below 50 generally means that the manufacturing economy is deteriorating while a reading above 50 indicates that it is expanding.
The report, based on replies to questions asked of purchasers at more than 300 industrial companies, said both production and new orders posted slight increases, helped by favorable seasonal adjustment factors. Inventories decreased but less than in the past five months.
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