US manufacturing hits 32 months low

 

WASHINGTON: US manufacturing activity last month fell to its lowest level in nearly three years, well below the pace when President Donald Trump took office. This is another warning sign for the world’s largest economy as it marks the longest expansion on record.

The manufacturing slowdown was driven by weakening demand for US-made goods, with factories reluctant to produce stock they may not be able to sell, according to the Institute for Supply Management’s (ISM) monthly survey.

The report coincides with precipitous drops in regional manufacturing surveys that took a hit from President Donald Trump’s threats to impose tariffs on Mexican imports and the drought in new orders suffered by crisis-hit Boeing.

ISM’s nationwide manufacturing index fell to its lowest level since October 2016, falling 0.4 percentage point to 51.7 per cent.