-China trade war was hurting US manufacturing activity.
The report was "quite weak, consistent with significant export-led weakening in manufacturing continuing", Jim O'Sullivan, chief USA economist at High Frequency Economics Ltd., said in a note.
President Trump has blamed the Federal Reserve for the decline in manufacturing, claiming that the strong dollar is what caused the drop. And, while much of this by definition involved higher European imports, this gave associated United Kingdom manufacturing a boost too. He just can't afford to lash them like he does with most other rivals and enemies.
ISM's manufacturing index fell 1.3 points to 47.8 percent in September, the lowest point since June 2009 and showing continued contraction.
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This is the 26th consecutive month that the manufacturing Purchasing Managers' Index has remained above the 50-point mark.
"This is serious", said Torsten Sløk, chief economist at Deutsche Bank Securities in NY.
He suggested it should lower the interest rate. "Most of the materials are not made in the USA and made only in China", said an executive at a food and beverages manufacturer. Powell said Fed contacts had told policymakers that trade policy uncertainty "has discouraged them from investing in their businesses". Three manufacturing sectors reported growth in September.
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There were notable declines in production and new export orders.
In the meantime, investors are also awaiting fresh trade talks between the US and China, due to start next week. Analysts had expected September's numbers to come in at 50.1. On Wall Street on Tuesday, the S&P 500 fell 1.23 percent to hit four-week lows.
The Geneva-based WTO said it had more than halved its growth forecast for trade in goods this year from 2.6% to 1.2% after a summer of escalating US-China protectionism, a slowdown in global growth and fears of the impact of a no-deal Brexit. This raises the risk that factory payrolls contracted in September after increasing by a paltry 3,000 jobs in August.
Commenting on the latest survey results, IHS Markit chief business economist Chris Williamson said with global headwinds intensifying, it is no surprise to see Malaysia's manufacturers continuing to struggle in September, but there are at least some encouraging signs of upward momentum being regained. These three industries show the fewest gans by industry since 2013.
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