A key indicator of the health of manufacturing in the United States fell to 10-year-lows in May, a bad sign for the economy…
A key indicator of the health of manufacturing in the United States fell to 10-year-lows in May, a bad sign for the economy going forward. The drop comes as President Donald Trump promises to revive manufacturing in the United States by fighting trade wars with China and Mexico.
The U. S. Manufacturing Purchasing Managers’ Index fell by 2.5 points last month, its lowest level since September 2009, according to IHS Markit, the company that conducts the survey. Additionally, new orders of goods contracted for the first time in 10 years.
« May saw U. S. manufacturers endure the toughest month in nearly ten years, with the headline PMI down to its lowest since the height of the global financial crisis, » wrote Chris Williamson, Chief Business Economist at IHS Markit in a statement.
