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Slower consumer demand, which is causing inventories to grow and leading to sluggish manufacturing, signals that the economy's expansion is limping toward its 10th anniversary in April.
Consumer spending has been the driving force behind Britain's economic recovery, making up for a sluggish manufacturing sector and recession-scarred construction industry.
A small increase in new orders for goods produced at factories in July, along with signs that the deterioration in the industrial activity in the Chicago area has ebbed, raised hopes yesterday that the sluggish manufacturing sector might be stabilizing.
Meanwhile, jobs at goods-providers declined by 43,000 in February, while the sluggish manufacturing industry witnessed a loss of 29,000 jobs.
Similar(55)
Following a sluggish 2012, manufacturing grew at a faster pace last month, driven by an increase in new orders and more hiring at factories.
In contrast, organizing has been sluggish in the manufacturing sector, partly because of the fear that companies might close operations if they are unionized.
Manufacturing Sluggish WASHINGTON, Aug. 1 (AP) -- Manufacturing grew more slowly in July, while construction spending in June fell to its lowest level in almost two years, according to two reports released today.
Reflecting a crisis in Britain's steel industry, a slowdown in the oil sector and sluggish demand overseas, manufacturing registered one of its weakest performances for three years, according to the Markit/CIPS UK Manufacturing purchasing managers' index (PMI) report.
Slow growth may be attributed to the sluggish performance in the manufacturing, agriculture and services sectors.
The Dallas Fed's manufacturing survey shows sluggish expansion.
Reports this week showed shrinking manufacturing activity and sluggish retail sales.
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