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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWireLONDON - U.S. manufacturers reported an unexpectedly widespread fall in business activity in October, postponing the sector’s exit from the prolonged downturn that began in late 2022.
But the fall has left the index below the 50-point threshold dividing expanding activity from a contraction for 12 months running since November 2022. If the current downturn proves to be a mid-cycle slowdown, it has already lasted longer than any other since the Second World War. Energy consumption by industrial users steadied over the third quarter, which was consistent with the worst of the manufacturing downturn being over.
Sales of electricity to industrial customers continued to decline in the most recent three-month period from May to July, but also at some of the slowest rates since the three months from September to November 2022.
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