A gauge of U.S. manufacturing from the Institute for Supply Management showed the sector contracted in August, its first decline since 2016.
The ISM U.S. manufacturing Purchasing Managers' Index fell to 49.1% in August, the lowest reading in more than three years. Any reading below 50% signals a contraction.
"Respondents expressed slightly more concern about U.S.-China trade turbulence, but trade remains the most significant issue, indicated by the strong contraction in new export orders," Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, said in a statement. The August contraction ended a 35-month expansion period where the PMI averaged 56.5%, according to ISM. Production and employment gauges also showed contraction in August for the first time after growth for almost three years, ISM data showed."Many respondents continued to note global trade softness as a reason for sluggish activity," Fiore said of slowing new export orders.
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