U.S. manufacturing activity deteriorated in July to an almost three-year low, dragged down by slower production and shaky export markets that help explain the Federal Reserve's decision to reduce interest rates on Wednesday.
The Institute for Supply Management's index eased to 51.2 last month from 51.7 in June, according to data released Thursday. Figures above 50 signify expansion, and the median estimate in a Bloomberg survey of economists was for a July reading of 52. Measures of output, factory employment and input prices all declined during the month.
Source : Bloomberg