US manufacturing sector continues to contract

The data, which exceeded market expectations, was estimated at 47 for the period. The index, which indicates that economic activity in the manufacturing sector has contracted for the tenth consecutive month, stood at 46.4 in July.

While the production index rose by 1.7 points to 50 on a monthly basis in August, the new orders index fell by 0.5 points to 46.8. Over the same period, the employment indicator rose by 4.1 points to 48.5.

During this period, 5 manufacturing sub-sectors grew and 13 contracted.
Clothing, furniture, plastics and rubber, electrical equipment, fabricated metal products, chemicals, wood products and machinery, computers and electronics were among the sectors that contracted.