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US manufacturing at two year low
01 Sep 2015 16:04
US factory activity hit a two-year low in August as manufacturers struggled with a strong dollar, weak global demand and the lingering effects of deep spending cuts in the energy sector.
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Other data, however, suggested the economy appeared to be on solid footing, with construction spending rising in July to its highest level since 2008.
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The Institute for Supply Management said its national factory activity index fell to 51.1 last month, the lowest reading since May 2013, from 52.7 in July.
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A reading above 50 indicates expansion in the manufacturing sector.
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The decline in the index also likely reflected the recent global equities sell-off, which was triggered by concerns over China's slowing economy.
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Manufacturing, which accounts for 12% of the US economy, has been under pressure from the strength of the dollar, which has gained 16.8% against the currencies of the United States' main trading partners since June 2014.
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A more than 60% plunge in crude oil prices since June last year has led to deep spending cuts in the energy sector.
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