WASHINGTON, D.C. — US manufacturing activity contracted more sharply than expected last month, according to industry survey data published on Thursday, deepening a recent slump on continued weak demand and falling output.
The Institute for Supply Management's manufacturing index was 46.8 percent in July , down 1.7 percentage points from a month earlier.This was well below market expectations of 48.0 percent, according to Briefing.com, and marked the fourth consecutive month where the reading was below the 50-point mark separating expansion from contraction.
'US manufacturing activity entered deeper into contraction,' ISM survey chief Timothy Fiore said in a statement. 'Demand was weak again, output declined and inputs stayed generally accommodative.'Demand was subdued, he explained, 'as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and other conditions.
Manufacturing Activity Shrinks In July
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