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MNI INTERVIEW: ISM Mfg Chief - Technical Recession Possible

(MNI) Washington

Data show continued moderated growth through the rest of the year, ISM manufacturing chief says.

U.S. manufacturers are experiencing weaker business growth in the face of global disruptions and, while data suggest the sector should be able to sustain moderate growth levels through yearend, there is a risk that widening concerns about growth could become self-fulfilling, Institute for Supply Management chair Timothy Fiore told MNI Friday.

Fiore maintained his view that U.S. manufacturing will see steady growth through the end of the year, attributing June's surprising 3.1ppt drop in the PMI to 53.0 to the 8.4ppt drop in supplier deliveries to 57.3 and weaker-than-expected new orders.

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U.S. manufacturers are experiencing weaker business growth in the face of global disruptions and, while data suggest the sector should be able to sustain moderate growth levels through yearend, there is a risk that widening concerns about growth could become self-fulfilling, Institute for Supply Management chair Timothy Fiore told MNI Friday.

Fiore maintained his view that U.S. manufacturing will see steady growth through the end of the year, attributing June's surprising 3.1ppt drop in the PMI to 53.0 to the 8.4ppt drop in supplier deliveries to 57.3 and weaker-than-expected new orders.

Keep reading...Show less