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October 2, 2006
Another sign that the economy may be headed for a soft landing, rather than a hard one: today's September manufacturing report from the Institute of Supply Managementwhich showed the sector slowing a bit but still expanding. It was seen by economists as a sort of a tiebreaker after a series of mixed manufacturing reports. Stocks tumbled after the recent negative survey from the Federal Reserve Bank of Philadelphia, but both the Empire State and Chicago purchasing managers index reports last week were rosier. So all eyes turned to the ISM report for a mountaintop view of things.