U.S. Manufacturing Cools as Gauge of Orders at One-Year Low

Growth in U.S. manufacturing cooled by more than expected in July as a gauge of new orders fell to the lowest in more than a year, amid persistent concerns over the fallout from a trade war, data from the Institute for Supply Management showed Wednesday.

ISM survey respondents were “overwhelmingly concerned” about how tariffs and retaliatory actions will affect their business, survey chair Timothy Fiore said in a statement. Disruptions on steel and aluminum, as well as transportation difficulties, are continuing, the group said.