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8/1/2019, 3:47 PM (Source: TeleTrader)
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US manufacturing growth falls in July

The manufacturing purchasing managers' index for the United States for July came in at 50.4, according to data released by IHS Markit on Thursday. The figure was a slight drop on June's 50.6 and marked the index's lowest reading and slowest overall expansion since September 2009.

In addition, employment fell for the first time since mid-2013 and manufacturers reported only a marginal rise in production during July, with the rate of growth easing to the slowest since June 2016. Purchasing activity also dropped for the first time since April 2016 as subdued demand led to further stock depletion.

"US manufacturing has entered into its sharpest downturn since 2009, suggesting the goods-producting sector is on course to act as a significant drag on the economy in the third quarter," said IHS Markit's Chief Business Economist Chris Williamson. "The deterioration in the survey's output index is indicative of manufacturing production declining at an annualised rate in excess of 3%," he added.

Breaking the News / DZ