Downbeat Data On The US Economy

Posted August 15th, 2011 at 12:40 pm (UTC-5)
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A measure of U.S. manufacturing dropped on Monday, while foreigners sold more U.S. assets than they bought, and homebuilders remained gloomy.

One of those downbeat reports was a study by the U.S. Federal Reserve showing that manufacturing in the key New York area shrank in July. The Fed report said the problem was worse than the prior month. The factory sector has been hurt by weaker demand from consumers and businesses, along with slowing growth in Europe and emerging nations.

Other reports showed a net drop in foreign purchases of U.S. assets in June, and continued worries by homebuilders facing a glut of unsold homes and other problems.