The U.S. manufacturing purchasing managers’ index from the Institute for Supply Management is used to gauge the manufacturing industry. The latest number is the lowest since June 2009 and is the second consecutive month of contraction.
Citing the ongoing trade wars, experts are crediting the low manufacturing data to the White House.
“Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth,” said Timothy Fiore, chair of the Institute for Supply Management.
Some expressed fear of a recession:
“We have now tariffed our way into a manufacturing recession in the U.S. and globally,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
🔦 America’s economic situation is considered one of the most important factors affecting Trump’s re-election chances in 2020.