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US production falls for first time in seven months
US manufacturing production decreased for the first time in seven months during August as sales continued to fall amid increasing reports of demand weakness. A renewed reduction in employment was also recorded amid spare capacity in the sector. Demand for inputs was scaled back in response to lower new orders, leading to a first shortening of supplier lead times for three months. The pace of input cost inflation quickened to a 16-month high, however, with output prices also rising at a faster pace. The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index™ (PMI®) posted 47.9 in August, down ... (full story)
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