Fall in new orders causes US manufacturing to drop to 3 year low

WASHINGTON D.C.: In March, US manufacturing dropped to its lowest level in nearly three years amid declining new orders, with activity expected to decline further due to tighter credit conditions.

The Institute for Supply Management survey indicated that, for the first time since 2009, its overall manufacturing fell below the 50 PMI threshold.

Aimed at curbing inflation, Federal Reserve rate hikes have in