Survey: Economy Declines For Ninth Month in a Row
The U.S. economy fell sharply in January for the ninth consecutive month and at the greatest rate of decline since the recession of the early 1980s, the nation's purchasing managers said yesterday in a survey.</br></br>The monthly survey, which substantiated other evidence of an economic slowdown, contributed to a downward blip in stock trading early in the day, analysts said.</br></br>Retail sales figures released yesterday indicated a modest level in January, and a report on construction spending for 1989 showed the lowest increase in seven years.</br></br>The National Association of Purchasing Management said its index in January was 45.2 percent, down from 46.7 percent in December.</br></br>A reading below 50 indicates that the U.S. manufacturing economy is declining, while above 50 indicates expansion, the group said. The index has been below 50 for nine months.