According to Bloomberg, manufacturing in the U.S. almost stalled in July, threatening to deprive the two-year recovery of one of its main drivers. The Institute for Supply Management’s factory index slumped to 50.9, the lowest since July 2009, from 55.3 a month earlier. Figures less than 50 signal contraction, and the July index was lower than the most pessimistic forecast in a Bloomberg News survey. Stocks declined and Treasuries rallied as orders shrank for the first time since June 2009, indicating production and economic growth may be limited. Other reports today indicated a global slowdown as factory measures from Asia to Europe dropped.