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U.S. manufacturing shrinks for first time in a decade: IHS Markit
Updated: 2019-08-23 16:26:24 KST
U.S. manufacturing has contracted for the first time in a decade on the back of dwindling orders.
According to IHS Markit on Thursday, America's manufacturing purchasing managers index, or PMI, was 49.nine this month, falling below the neutral threshold for the first time since September 2009.
A reading below 50 indicates that a sector has seen negative growth.
IHS Markit says the slowdown indicates a pessimistic outlook on demand, causing a reduction in inventories.
Analysts also say the tit-for-tat tariffs between the U.S. and China are also having an impact.
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