Manufacturing Survey: Ihs Markit and Trade War

manufacturing survey: IHS Markit said its surveys also pointed to slowing growth in the U.S. service sector, according to The Japan Times. August's survey data provides a clear signal that economic growth has continued to soften in the third quarter, said Tim Moore, an economist at IHS Markit. IHS Markit on Thursday said its Flash Purchasing Managers' Index PMI for manufacturing fell to 49.9 earlier this month from 50.4 in July, pointing to a contraction in the sector for the first time since September 2009. ; Readings below 50 point to reductions in activity and the August data could heighten fears the U.S. economy is on track to slip into recession, dragged down by economic weakness overseas and an escalating trade war with China. A manufacturing survey from the Kansas City Federal Reserve showed its composite index slipping to -6 in August, the lowest reading since March 2016, from -1 in July. More than a third expected trade tensions to persist for one to two years. Over 55 percent of survey respondents said they expected the most recent U.S. tariffs on Chinese goods to hurt their business, while less than 6 percent expected a positive impact. (news.financializer.com). As reported in the news.