US manufacturers reported steep declines in new orders and employment in February, fuelling fears that the economy is losing momentum as growth expectations also fell sharply.
The ISM Manufacturing purchasing managers' index on Monday dropped to 50.3 in February from 50.9 the previous month, leaving it just above contraction territory, while secondary indices pointed to a sharp fall in new orders from 55.1 to 48.6.
The Federal Reserve Bank of Atlanta’s running estimate of US GDP growth, also published on Monday, pointed to a 2.8 per cent fall in the first quarter, a much steeper decline than the 1.5 per cent drop it had suggested on Friday.
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