U.S. Manufacturing Sees First Contraction in Years
September 3, 2019
American manufacturing contracted in August, making this month the first to decline since 2016. The Institute for Supply Management’s Purchasing Managers’ Index fell to 49.1 percent in August. Any reading below 50 percent indicates a contraction.
The PMI is based on a survey of purchasing managers across the industry. Respondents have long held trade tensions as their primary cause for worry and have begun to see new export orders fall. Orders of new exports fell for a second month in August, falling to their lowest level since August 2009.