The U.S. Manufacturing Purchasing Managers’ Index fell by more than two-points to 50.5 in May, the lowest level since Sept. 2009, according to IHS Markit. New orders contracted for the first time since August 2009. The overall index has fallen by almost six points over the last year.
Survey respondents stated that weak client demand drove the drop in new orders for the first time in almost a decade. Some firms also noted that customers were postponing orders due to growing uncertainty about the outlook. Similarly, new business from abroad contracted by the quickest pace since April 2016 to the first decline since July 2018.
Employment growth was the slowest since March 2017. The report cited anecdotal evidence that there was a large level of churn in the employment market as workforce additions were linked to the replacement of voluntary leavers and retirees.
Read the full story, "U.S. manufacturing index dips to lowest level in almost a decade," at finance.yahoo.com.
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