U.S. manufacturing contracts for first time in 3 years

THE INSTITUTE FOR SUPPLY MANAGEMENT indicated that U.S. manufacturing contracted for the first time in three year in August. / BLOOMBERG NEWS FILE PHOTO/JIM YOUNG
THE INSTITUTE FOR SUPPLY MANAGEMENT indicated that U.S. manufacturing contracted for the first time in three year in August. / BLOOMBERG NEWS FILE PHOTO/JIM YOUNG
WASHINGTON – United States factory activity unexpectedly contracted in August for the first time in three years as shrinking orders, production and hiring pushed a widely followed measure of manufacturing to its lowest level since January 2016. The Institute for Supply Management's purchasing managers index fell to 49.1 in August, weaker than all forecasts in…

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