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July 03, 2012


Manufacturing Falters

American manufacturing "shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening," the AP reports.

"The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries like China."

Nate Silver: "The manufacturing report is consistent with a pattern in which mildly encouraging news about the economy, like in Europe and in the housing market last week, seems to be offset by negative news from another sector. Manufacturing activity had been a bright spot in the economy for most of the first half of the year and may be especially important in the swing states of the Midwest."

Wonk Wire has more reaction to the report.












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