Economics
Factory-Gauge Plunge Fuels Concerns That U.S. Growth Is Slowing
- ISM index misses all forecasts amid trade war with China
- ‘Businesses can’t operate in an environment of chaos’
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A gauge of U.S. manufacturing plunged by the most since the 2008 recession a day after Apple Inc. cut its revenue outlook, fueling concern that the trade war with China is taking a bigger-than-expected toll on economic growth.
The Institute for Supply Management index dropped to a two-year low, missing all estimates in Bloomberg’s survey, led by new orders slumping the most in almost five years and the steepest production slide since early 2012. Just 11 of 18 industries reported growth, the fewest in two years.