The Institute for Supply Management on Monday announced that U.S. manufacturing growth in the month of September declined to a two-year low.
growth in September slowed to its lowest point in two years, nearing stagnation due to a decline in orders, according to a gauge released on Monday. 's manufacturing survey showed a nearly 2-point drop to 50.9%, dropping below expectations and reaching the lowest growth since May 2020, according to the data released on Monday. The index shows an order contract for the third time in four months.
"Following four straight months of panelists’ companies reporting softening new orders rates, the September index reading reflects companies adjusting to potential future lower demand," said Timothy Fiore, chair of ISM’s Manufacturing Business Survey Committee, in a statement, according to Bloomberg.
He added, "The U.S. manufacturing sector continues to expand, but at the lowest rate since the pandemic recovery began."
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