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Signs of economic turnaround seen

Tuesday, Sept. 4, 2001 | 11:02 a.m.

NEW YORK -- Manufacturing activity declined for the 13th consecutive month in August, but at a significantly slower rate, raising hopes an economic turnaround is near.

The National Association of Purchasing Management today announced that its index of business activity rose to 47.9 from 43.6 in July, much better than the 44.0 analysts had been expecting.

An index above 50 signifies growth in manufacturing, while a figure below 50 shows contraction.

"The rate of decline decelerated significantly during the month," said Norbert J. Ore, who oversees the monthly survey. "Both production and new orders made marked improvement and recorded impressive growth after a lengthy period of decline, providing encouragement that a number of industries are starting to recover."

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