O.C.’s Manufacturing Sector Contracts
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Orange County’s manufacturing sector contracted unexpectedly in the third quarter, weighed down by slumping durable-goods industries and an ailing high-tech sector, according to a survey of Orange County purchasing managers.
Chapman University’s quarterly index of purchasing managers declined to 43.7 in the third quarter from 49.9 in the second quarter. A value below 50 indicates activity is contracting.
Chapman economist Raymond Sfeir said the county’s hard-hit high-technology sector continues to weigh down the index. Purchasing managers said new orders for computer equipment sagged in the third quarter, reflecting continued reluctance by firms to invest in equipment.
Likewise, commercial aircraft production has yet to rebound from the sharp falloff after last year’s terrorist attacks.
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