US manufacturing contracts for first time in 3 years: ISM

Washington, Sept 3 (AFP/APP):Bogged down in the US-China trade war, the US manufacturing sector stumbled and fell into contraction last month for the first time in three years.

The Institute for Supply Management’s nationwide manufacturing index fell unexpectedly to 49.1, ending 35 months of expansion and hitting the lowest level since January of 2016.

Any reading above 50 indicates expansion.

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