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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Sep 03, 2008
Page
2
The Institute for Supply Management reports the U S manufacturing index at 49.9 in August, down from 50 in July, signaling contraction. Weak consumer spending and high fuel costs dim the sector as exports and construction spending also weaken amid a sluggish global economy.
Sherry Cooper of BMO Capital Markets notes a slow second half as U S auto sales hit a 16 year low in July and food makers struggle with inflation. Hormel Foods cuts its fiscal outlook while Smithfield Foods posts a Q1 loss of 12.6 million, down from last year’s 54.6 million. Patrick Kiely of the Indiana Manufacturers Association says the economy will chug along but not strongly for a while.
National roundup reports an air tanker used on a Sierra wildfire crashed after takeoff for a second blaze near Reno. All three crew members died as the flight order was canceled. Witnesses say engine or wing failure may have occurred after departing Reno Stead Airport.
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