June ISM manufacturing gauge turns below 50% at 47.8%= Fake rally=Dow 10 000 =OUCH!!!
June ISM manufacturing gauge turns below 50%
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By Steve Goldstein
WASHINGTON (MarketWatch) -- Manufacturing activity in the U.S. dropped in June into contraction territory for the first time since July 2009, the Institute for Supply Management said Monday. The ISM dropped to 49.7% from 53.5% in May, against a MarketWatch-compiled economist poll of 52.3%. The new-orders index dropped 12.3 percentage points in June, registering 47.8% and indicating contraction in new orders for the first time since April 2009.