Growth in U.S. manufacturing activity slowed in May to its weakest pace in over ...
NEW YORK/WASHINGTON - Growth in U.S. manufacturing activity slowed in May to its weakest pace in over two years as factory managers raised concerns about a trade war between the United States and China, a national survey showed on Monday.
A reading above 50 indicates growth. Wall Street economists polled by Reuters expected the index to rise to 53. Trump has ordered sharp tariff increases on a host of Chinese imports in 2018 and this year, while on Friday he threatened to hike tariffs on all Mexican imports unless Mexico stems the flow of unauthorized immigrants into the United States. Many U.S. factories depend on Mexican suppliers for goods assembled in America.
Trump says he wants to bring more manufacturing jobs to America and says trading partners have been taking advantage of the country. The ISM survey was taken before Trump threatened new tariffs on Mexico starting next month. The threat prompted a broad outcry from U.S. businesses.
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