US manufacturing shrinks to 3-year low
U.S. manufacturing shrank in November to its weakest level since July 2009, one month after the Great Recession ended. Worries about automatic tax increases in the New Year cut demand for factory orders and manufacturing jobs.
The Institute for Supply Management said Monday that its index of manufacturing conditions fell to a reading of 49.5. That’s down from 51.7 in October.
Readings above 50 signal growth, and readings below indicate contraction. Manufacturing grew in October for only the second time since May. The ISM is a trade group of purchasing managers.
Digital paper to stop publishing
It was too expensive. It lacked editorial focus. And for a digital publication, it was strangely cut off from the Internet. That’s the obituary being written in real time through posts, tweets and online chats about The Daily, the first-of-its-kind iPad newspaper that is being shut down this month.
Rupert Murdoch’s News Corp. said Monday that The Daily will publish its final issue Dec. 15, less than two years after its January 2011 launch. The app already has been removed from Apple’s iTunes.