In July, a crucial indicator of American manufacturers dropped to a 25-month low of 52.8%, signaling a deteriorating state of the country’s economy.
The closely watched manufacturing indicator from the Institute for Supply Management fell from 53 percent in June, in large part because of a further drop in new orders.
The Wall Street Journal surveyed economists who predicted the index would reach 52.1%. The widely read study is considered to be a window into the state of the American economy.
Additionally, for the first time since the start of the pandemic, the index has dropped three months in a row.
Due to skyrocketing inflation, rising interest rates, and the termination of government stimulus programs, the U.S. economy has slowed dramatically since the end of last year.
