News broke today that “American manufacturing declined in November to its weakest level since July 2009, one month after the recession ended.“
The Institute for Supply Management, a trade group of purchasing managers, said on Monday that its index of manufacturing conditions fell to a reading of 49.5. That is down from 51.7 in October.
Readings above 50 in the institute’s survey signal growth, while readings below indicate contraction. Manufacturing grew in October for only the second time since May.
A gauge of new orders dropped to its lowest level since August, a sign that production could slow in the coming months. Manufacturers also sharply reduced their stockpiles, indicating companies expect weaker demand. (Associated Press)
Congress needs to take immediate action to save American jobs and bring confidence to the U.S. manufacturing industry by passing a number of important initiatives, including the Production Tax Credit, the Advanced Energy Project Credit (48C) and the 1603 Treasury grant.
America’s wind industry supports more than 75,000 Americans and 400 manufacturing facilities, but more than 2,200 workers have lost their jobs in the last year. How many pink slips will need to go out before Congress truly understands the cost of waiting?