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WASHINGTON, April 1: The Iraq war has frozen much of the US economy, throwing a four-month manufacturing expansion into reverse, trapping consumers at home and unnerving employers, surveys showed on Tuesday.
US manufacturing activity, measured by the Institute for Supply Management purchasing managers’ index, slumped to 46.2 points in March from 50.5 in February. Meanwhile, US employers announced 85,396 job cuts in March, down 38 per cent from February, said a report by outplacement firm Challenger, Gray and Christmas Inc.—AFP
