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US manufacturing growth slows

The United States saw increased manufacturing in September.
 
The growth was however the slowest in nearly two and a half years, as less new goods were ordered amid aggressive interest rate increases from the Federal Reserve to cool demand and tame inflation.
 
The Institute for Supply Management (ISM) says the manufacturing Purchasing Manager's Index dropped to 50.9 for the month, the lowest reading since May 2020.
 
In August, the index was 52.8.
 
ISM said the fall in the index "reflects companies adjusting to potential future lower demand." 
 
A reading above 50 indicates expansion in manufacturing, which accounts for 11.9 per cent of the US economy.
 


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