U.S. manufacturing index contracts again
The latest economic warning signals were sent Tuesday by the Institute for Supply Management, which reported that economic activity in the manufacturing sector contracted in September for the second straight month.
The institute's index for September was down 1.3 percentage points to 47.8, with new orders and production readings of 47.3, all in negative territory.
“Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth,” Timothy Fiore, chair of ISM's Manufacturing Business Survey Committee, said in a statement.
Food and beverage and chemical products were the only manufacturing industries to report growth in September, with contractions reported in 15 industries, including printing, electrical equipment, plastics and rubber products, transportation equipment and computer and electronic products.
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