U.S. manufacturing sector contracts for first time since 2009

The U.S. manufacturing sector contracted for the first time since 2009 in August, CNBC reports from data by IHS Markit.

Why it matters: The industry, which has flourished during the Trump administration, is not only facing ongoing concerns of a global economic slowdown, but is also staring down increased pressure from the U.S.-China trade war. The report also saw a slowdown in business growth, which IHS Markit's economics associate director told CNBC was its "most concerning aspect"

Go deeper: U.S. Steel plant in Michigan will temporarily lay off up to 200 employees