US manufacturing shrinks for first time in three years

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US manufacturing shrinks for first time in three years
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U.S. manufacturing activity contracted for the first time in three years in August, with new orders and hiring declining as trade tensions weighed ...

WASHINGTON: U.S. manufacturing activity contracted for the first time in three years in August, with new orders and hiring declining as trade tensions weighed on business confidence, which could renew fears of a sharp economic slowdown.

Economists polled by Reuters had forecast the ISM index would slip to 51.0 in August. The year-long U.S.-China trade war is eroding business sentiment, with business investment contracting in the second quarter for the first time in more than three years. The Fed lowered its short-term interest rate by 25 basis points in July for the first time since 2008, citing trade tensions and slowing global growth. Financial markets have fully priced in another quarter-percentage-point cut at the Fed's Sept. 17-18 policy meeting.

Economists polled by Reuters had forecast construction spending would rise 0.3per cent in July. Construction spending fell 2.7per cent on a year-on-year basis in July. Spending on private construction projects dipped 0.1per cent in July, reversing June's 0.1per cent gain. Investment in private residential projects rose 0.6per cent, the most in eight months, after being unchanged in June.

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