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https://www.washingtonpost.com/busi...sector-contracted-first-time-since-data-show/
U.S. Manufacturing Sector Shrinks for First Time Since 2009
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U.S. Manufacturing Sector Shrinks for First Time Since 2009
The U.S. manufacturing purchasing managers’ index (PMI) fell to 49.9 in August from 50.4 in July, according to IHS Markit. It is the first time the closely watched indicator has fallen below 50 since September 2009.
The PMI index is based on a survey of manufacturers about production, output, orders, inventory, pricing and other factors. A score below 50 on the index signifies the sector is contracting.
“If manufacturing isn’t in a recession, it is pretty close,” said Mark Zandi, chief economist for Moody’s Analytics.
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