(Reuters) – U.S. manufacturing activity contracted for the 10th straight month in August, although the pace of decline has slowed, suggesting the sector may be starting to stabilize at low levels.
According to the monthly survey of the Institute for Supply Management (ISM), the manufacturing index stood at 47.6 last month against 46.4 the previous month.
Economists polled by Reuters on average expected a figure of 47.
The index, which in June had hit a low since May 2020 at 46.0, is stuck below the 50 mark which separates contraction from growth in activity since last November. This is the longest period since the financial crisis of 2007-2009.
(Lucia Mutikani, French version Diana Mandiá, edited by Blandine Hénault)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.