U.S. manufacturing activity slowed to near a three-year low in June, with a meas...
WASHINGTON - U.S. manufacturing activity slowed to near a three-year low in June, with a measure of new orders received by factories tumbling, amid growing anxiety over an escalation in trade tensions between the United States and China.
The U.S. central bank last month signaled it could ease monetary policy as early as this month, citing low inflation as well as growing risks to the economy from U.S.-China trade tensions. The ISM said businesses “expressed concern about U.S.-China trade turbulence.” They were also spooked by potential tariffs on Mexican imports, which were averted at the eleventh hour.
The weakness in factory activity is in sync with a slowdown in economic growth following a temporary boost from exports and an accumulation of inventory. Consumer spending is rising moderately, while the pace of job and wage growth has slowed. In addition, the housing market is struggling and the goods trade deficit widened in May.
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