WASHINGTON, D.C. — The contraction in US manufacturing activity continued into a fifth consecutive month in August as demand remained weak, according to industry survey data published on Tuesday.
The data will likely reinforce calls for the Federal Reserve to start cutting interest rates later this month in order to lower borrowing costs and stimulate demand in the world's largest economy.
SLIDING Photo on Aug. 14, 2024 shows a battery assembly line for the Polestar 3 electric-powered sport utility vehicle in South Carolina. US manufacturing activity continues to slide in August due to weak demand, according to industry data on Sept. 3, 2024. AP PHOTO