Manufacturing Takes A Hit

Add it to the list of other foreboding economic trends: U.S. manufacturing has shrunk for the first time in almost three years, according to a monthly report released Monday. The Institute for Supply Management found declines in production and in the number of new orders. One analyst summed up the news simply: “This is not good.” Coming amidst faltering consumer demand and scaled-back hiring at home, and a major economic crisis in Europe, the report is yet another sign that the U.S. economy has a big hole to climb out of. That said, there is something of a consensus among economic experts that another recession is unlikely.