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US MANUFACTURING EXTENDS SLUMP

  • NEWS Desk Global
  • Aug 1
  • 1 min read

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U.S. manufacturing contracted for a fifth straight month in July and factory employment dropped to the lowest level in five years amid tariffs that have raised prices of imported raw materials.

The Institute for Supply Management (ISM) said on Friday that its manufacturing PMI dropped to 48.0 last month from 49.0 in June. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 10.2% of the economy.

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