U.S. manufacturing sector contracts for first time since 2009
Workers assemble cars at the newly renovated Ford's Assembly Plant in Chicago. Photo: Jim Young/AFP/Getty Images
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"