US Factory Activity Dives for 1st Time in 6 Months, Jobs Cut
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US manufacturing contracted in August for the 1st time since February, as new orders and output plummeted and factories cut jobs.
The Institute for Supply Management (ISM) says its manufacturing index dropped to 49.4 in August from 52.6 in July. Any reading below 50 signals contraction.
The report suggests that manufacturers continue to struggle as businesses spend less on machinery, computers and other large equipment.
Auto sales have leveled off this year after reaching a record level in Y 2015.
A measure of employment fell to 48.3, its 2nd month running of decline. That is a sign manufacturers are laying off workers.
Orders for new goods fell to the lowest level since December, and a gauge of production fell to the lowest level in 4 years.
Have a terrific Labor Day Weekend.
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