October 1, 2019
This morning we have further confirmation of the global downturn spreading with the US ISM manufacturing index contracting to 47.8 in September (50.1 was the consensus expectation); the second month in a row that the reading was under 50 (49.1 in August). This was the steepest contraction in this reading since the last recession in June 2009.
The US joins China's factory sector, which also contracted for a fifth month in September and the euro area where German factories experienced their worst month since the depths of the financial crisis. See: