News Summary: US manufacturing shrinks in June
MANUFACTURING SHRINKS: The manufacturing sector contracted in June for the first time in nearly three years, the latest sign U.S. economic growth is weakening. The Institute for Supply Management said production, exports and the number of new orders fell.
OUTLOOK DIMS: The slowdown comes as employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in other major countries, like China.
RISING UNCERTAINTY: Global growth is slowing and U.S. consumers are spending less. Many companies worry U.S. lawmakers won't extend a package of tax cuts at the end of the year.
