August Manufacturing ISM Report on Business; PMI at 49.1%

August Manufacturing ISM Report on Business; PMI at 49.1%

Nor does the ISM report show that higher tariffs imposed by Trump on Chinese goods have yet translated into "upward price pressures or materials shortages", according to Bloomberg Chief U.S. Economist Carl Riccadonna.

Manufacturers today are anxious about a contraction in new export orders and to the cost of moving manufacturing out of China to circumvent the Trump tariffs, the ISM says. The 10-year yield fell as low as 1.4370% and was last down 6.2 basis points to 1.4439%.

The ISM's index of prices paid showed raw materials prices decreased for a third consecutive month, albeit at a slower pace in August, reflecting waning demand. Comments by the ISM's panel of purchasing executives "reflect a notable decrease in business confidence", the institute said.

The manufacturing sector has added 517,000 jobs in the past three years. Any reading below 50 indicates contraction. Employment fell 4.3% to 47.4 after 34 consecutive months of growth, contracting for the first time since September 2016, when it was at 48.9.

"Respondents continued to note supply chain adjustments as a result of moving manufacturing from China". "The survey is not yet consistent with a steep downturn in the broader economy - manufacturing already has been contracting for two quarters - but another couple of months of declines on this scale would leave the USA facing an entirely unnecessary and self-inflicted recession".

Fiore noted that, unlike prior manufacturing contractions, the index in this case had fallen for five straight months without interruption.

"This time, the story is China's slowdown and the trade war, with the latter now the bigger problem, judging by the substantial and widening gap between the ISM new orders index - down to 47.2 from 50.8 - and China's Caixin manufacturing PMI, which has risen by a couple of points from its January low". Business spending fell in the April-June quarter for the first time since 2016.

Simone Biles 'aches' for victims after brother charged
Biles went on to say that she hopes that the general public will respect the privacy of her family during the very hard time. He is scheduled to be arraigned on Friday, September 13, at the Cuyahoga County Justice Center in Cleveland, Ohio.

Across maturities, yields fell. But the pace of growth has slowed substantially, from an average of 22,000 jobs per month last year to fewer than 8,000 jobs per month in the first seven months of this year.

On Sunday, the US started charging a 15% tariff on about $112 billion of Chinese products. They also point to a trade war that shows little sign of stopping.

"Tariffs are still weighing heavily on supply managers' minds as they adjust their supply or manufacturing sources", Fiore said. Most sectors registered declines, with industrials leading the pack.

Manufacturing has been hard hit from the trade war.

Contractions in United States manufacturing have not always preceded recessions in the wider economy but the latest ISM figures will no doubt raise fears of a downturn. Factory activity is contracting in the U.K., Germany, Japan and South Korea, according to IHS Markit's manufacturers' purchasing managers' indexes.

The Dow and broader USA stock market declined sharply on Tuesday, giving back some of last week's gains after China and the United Sates proceeded with fresh tariffs on each other's goods.

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