Latest monthly index on manufacturing: Will voters forgive 9.2% unemployment and a weak economy?
The ISM Manufacturing Index for July 2011 was released this morning. Commented Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM):
"The July ISM manufacturing index is a clear sign the economy is weakening. The index came in at 50.9, making July the 24th consecutive month of 'expansion,' but it was well below expectations of 54.3. There were steep declines in the indexes for new orders and employment.
"The brief manufacturing recovery has stalled. This report gives us little reason to believe that the coming months will be any better.
"A strong manufacturing base is key to our nation’s economy security. As our recent poll shows, voters across the political spectrum favor bold actions to create more American manufacturing jobs. Our plan shows the way forward: lower our trade deficit; increase tax incentives to manufacture in America; invest in innovation, infrastructure, and our workers; and ensure that federal procurement is re-invested in our workers and businesses.
"Voters may forgive Congress and the Administration for the ridiculous brinksmanship surrounding the debt ceiling debate, but they won’t forgive 9.2% unemployment and a weak economy. Our elected officials would be well advised to pivot to a jobs plan as soon as possible, with manufacturing at its core. American manufacturing is too important to fail."
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