US manufacturing struggles with 9th month of contraction
The US manufacturing sector is seeing activity contract for the ninth straight month in July as new orders decline on cooling demand while companies reduce production and headcount. – AFP pic, August 1, 2023.
THE US manufacturing sector saw activity contract for a ninth straight month in July, survey data showed today, as new orders declined on cooling demand while companies reduced production and headcount. The Institute for Supply Management’s manufacturing index came in at 46.4% last month, inching up from 46% in June and indicating a slower rate of contraction – but this was still firmly below the 50% threshold indicating growth.
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