U.S. manufacturing slows, construction spending weakens as orders drop across the board

U.S. manufacturing activity slowed in July as orders fell broadly, while a drop in construction spending in June suggested a downward revision to the second-quarter economic growth estimate published last week.

The Institute for Supply Management (ISM) said its index of national factory activity slipped 0.6 percentage point to a reading of 52.6 last month. A reading above 50 indicates an expansion in manufacturing, which accounts for about 12 per cent of the U.S. economy.

Manufacturing remains constrained by the lagging effects of the dollar’s rally and an oil price plunge between June 2014 and December 2015, which have hurt exports and undercut business spending.

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Last modified onTuesday, 02 August 2016 01:31