US factory activity declines for first time in three years
The US’s Institute for Supply Management says there has been ‘a notable decrease in business confidence’
Washington — US manufacturing activity contracted for the first time in three years in August, with new orders and hiring declining as trade tension weighed on business confidence, which could renew fears of a sharp economic slowdown.
Other data on Tuesday showed construction spending barely rising in July. Data on consumer spending had suggested that while the economy was slowing, it was not losing momentum as rapidly as financial markets were flagging...