U.S. manufacturing tumbled to a more than 10-year low in September, further heightening concerns of a sharp economic slowdown in the third quarter via ReutersTV
WASHINGTON - U.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market fears of a sharp slowdown in economic growth in the third quarter.
“As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected,” Trump wrote on Twitter shortly after the ISM survey was published. “Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!”
While the ISM index needs to drop below the 42.9 level to signal a recession in the broader economy, economists said its continued slide posed a huge risk to the longest economic expansion in history. Powell said last month trade policy tensions, which “have waxed and waned, and elevated uncertainty is weighing on U.S. investment and exports.” Powell said Fed contacts had told policymakers that trade policy uncertainty “has discouraged them from investing in their businesses.”
The ISM said comments from manufacturers “reflect a continuing decrease in business confidence,” and also noted that “global trade remains the most significant issue.” The ISM said only three industries - miscellaneous manufacturing, food, beverage and tobacco products, and chemical products reported growth last month. That was the fewest since 2013 and down from nine in August. Transportation equipment, machinery, and electrical equipment, appliances and components were among the 15 industries reporting a contraction.
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