Trump attacks Fed as U.S. manufacturing index plunges to decade low

Driving the news: The ISM U.S. manufacturing Purchasing Managers’ Index fell from 49.1 in August to 47.8 in September, CNBC reports. Any reading below 50 is considered a contraction, with Tuesday's figure marking the lowest reading since June 2009.

• ISM Chairman Timothy Fiore said in a statement: "Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth."

The big picture: As Trump's trade war with China continues with no end in sight, the manufacturing sectors of the two countries are moving in opposite directions, Axios' Dion Rabouin notes.

• On Monday, China's Caixin purchasing managers' index, a private survey of the country’s manufacturing activity, had its strongest reading since February 2018.

• Meanwhile, the Chicago Business Barometer, which tracks Midwestern business activity steered mainly by trade and manufacturing, fell back into contraction in September.
• The ISM reading adds yet another data point to concerns that a recession may be on the horizon.

Go deeper: The state of play in the manufacturing trade war