Financial Services Industry
Industry: Email Alert RSS FeedChop, chop. (Reverse Spin).
Investment News, November, 2002 by Gabriel, Frederick P., Jr.
The pink slips keep flying. The economy shed 5,000 jobs last month, marking the second straight month of declines in the number of workers on U.S. payrolls, the Department of Labor said Friday. Making things even worse, the Institute for Supply Management in Tempe, Ariz., later said that its closely watched factory index had slipped to 48.5 in October, from 49.5 in September.
Any reading below 50 shows a contraction in manufacturing.
"I think the economy is weak enough that we will get a Federal Reserve rate cut next week," said Harvey Katz, chief economist at Value Line Inc., a research firm in New York.
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