August Manufacturing Data Rebounds, Reuters

WASHINGTON (Reuters) – U.S. manufacturing output increased more than expected in August, boosted by a surge in machinery and primary metals production, but the outlook for factories remains weak against the backdrop of trade tensions and slowing global economies.

The Federal Reserve said on Tuesday manufacturing production rose 0.5% last month after an unrevised 0.4% drop in July.

Manufacturing, which accounts for about 11% of the U.S. economy, is being hobbled by a year-old trade war between the United States and China and slowing global economic growth. The trade war has eroded business confidence, leading to a slump in the sector, which ironically the Trump administration has sought to protect against what it called unfair foreign competition. Full article

Leave a Reply

%d bloggers like this: