Manufacturing Growth Slows to Crawl

Weak manufacturing data compounded the markets’ anxiety over the debt ceiling deadline and sent stock prices lower.

From the ABC News story:

Today’s manufacturing report followed a weaker-than-expected gross domestic product figure last week. On Friday, the U.S. government said the economy expanded at a disappointing 1.3 percent annual rate in the second quarter after barely growing during the first quarter.

“To be as weak as it was, it gave economists pause in conjunction with the weak economic figure on Friday,” Orlando said. “It’s just another piece of the mosaic.”

Orlando said investors may also still be concerned S&P or Moody’s could downgrade U.S. credit despite a possible deal to avert a default.

Read more here.

– The Editors