US manufacturing activity slows further in August
EPA-EFE/TANNEN MAURY
Manufacturing activity in the United States private sector slowed further in August, according to a report released by S&P Global on Friday. The S&P Global US Manufacturing Purchasing Managers Index (PMI) landed at 47.9, falling from 49 reported in July, but still coming in slightly above the flash estimate of 47.
"US manufacturers reported another tough month of trading in August. Output has fallen back into decline after a brief respite in July amid an increasingly steep deterioration in order books. Orders are in fact falling faster than factories are cutting output, suggesting firms will need to continue scaling back their production volumes into the near future," Chris Williamson, chief business economist at S&P Global Market Intelligence, stated.
The report noted that the US manufacturing sector has remained in contraction territory since November last year, except for a "brief stabilization" in April.