U.S. factory activity sinks to 10-year low in September via ReutersTV
WASHINGTON - U.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market concerns of a sharp slowdown in economic growth in the third quarter.
The Federal Reserve cut interest rates again last month after lowering borrowing costs in July for the first time since 2008 to keep the longest economic expansion in history on track. The index has now declined for a sixth consecutive month and is in stark contrast with a rebound in the so-called hard data like industrial production, which showed output at factories rising in August.
The dollar fell against a basket of currencies after the data. U.S. Treasury prices rose. U.S. stocks were trading lower.Slowing economic growth was also underscored by a separate report from the Commerce Department showing construction spending edged up 0.1% in August. Data for July was revised down to show construction outlays unchanged instead of nudging up 0.1% as previously reported.
The 30-year fixed mortgage rate has dropped about 130 basis points from last year’s highs to an average of 3.64%, according to data from mortgage finance agency Freddie Mac.
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