By Robert Hughes
The Manufacturing Purchasing Managers Index from the Institute for Supply Management fell below neutral for the first time in almost three years, registering a 49.1 percent reading in August, down 2.1 points from 51.2 in July. The index is at the lowest reading since January 2016 (see top chart). However, August is the 124th month above the 42.9 percent threshold consistent with expansion in the overall economy. Comments from purchasing executives highlight international concerns including trade wars and rising tariffs, signs of slowing global growth, and Brexit, along with increased uncertainty