The US manufacturing sector has contracted for the first time in three years, data on Tuesday showed, as the US-China trade war weighed on the industrial economy and added to fears about slowing domestic growth.
The Institute for Supply Management’s index fell 2.1 percentage points to 49.1 last month, missing expectations for a reading of 51.1, according to economists surveyed by Thomson Reuters.
“While business is strong, there is an undercurrent of fear and alarm regarding the trade wars and a potential recession,” said one respondent to the institute's survey.
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