US manufacturing faces the biggest decline in recent years
The Institute’s manufacturing index fell by 3.2% to a reading of 49.4 in August. It was the biggest decline in more than two years and indicated a contraction for the first time in six months, according to the report. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.
Some economists commented that this decrease may arise from the end of summer deceleration; therefore, it is better to wait and see before making assumptions about growth in the months to come.
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