US manufacturing weakest in a decade – By Megan Henney (FOX Business) / Jan 4 2020
Readings above 50 represent expansion in the manufacturing sector
The U.S. manufacturing sector contracted to its lowest level since the financial crisis, spurring concerns about the health of the overall economy.
The ISM Manufacturing Index fell for the fifth month in a row to 47.2 in December, down from November’s reading of 48.1. That’s the weakest reading since June 2009, when it hit 46.3, and well below the 49 reading that economists surveyed by Reuters expected.
Readings above 50 represent expansion in the manufacturing sector, while readings below 50 represent contraction.
“Global trade remains the most significant cross-industry issue, but there are signs that several industry sectors will improve as a result of the phase-one trade agreement between the U.S. and China,” Timothy R. Fiore, chair of Institute for Supply Management, said in a statement.
Continue to article: https://www.foxbusiness.com/markets/us-manufacturing-sector-contracts-for-sixth-month-in-a-row
