Due to trade tensions, US manufacturing activity shrinks for the first time. FMTNews
WASHINGTON: US manufacturing activity contracted for the first time in three years in August, with new orders and hiring declining as trade tensions weighed on business confidence, which could renew fears of a sharp economic slowdown.
August’s reading was also the lowest since January 2016 and was the fifth straight monthly decline in the index. The ISM said there had been “a notable decrease in business confidence,” adding that “trade remains the most significant issue, indicated by the strong contraction in new export orders.”The year-long US-China trade war is eroding business sentiment, with business investment contracting in the second quarter for the first time in more than three years.
With trade tensions still simmering in the background, the Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history on track. US stock indexes extended losses after the data. Yields on US Treasuries tumbled while the dollar was slightly stronger against a basket of currencies.In a separate report on Tuesday, the Commerce Department said construction spending edged up 0.1%. Data for June was revised up to show construction outlays decreasing 0.7 instead of falling 1.3% as previously reported.
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