ISM manufacturing index indicates contraction since 2001

--The Institute for Supply Management's manufacturing index dropped to 47.7, the lowest reading since April 2003, from 50.8 the prior month, the Tempe, Arizona-based group said today. Fifty is the dividing line between contraction and expansion. --The decrease in today's overall manufacturing index reflected a decline in new orders to the lowest level since October 2001. ISM's new orders index fell to 45.7 from 52.6. Thproduction measure fell to 47.3 from 51.9.