Two closely-watched surveys on Tuesday showed a bigger-than-expected slowdown in the U.S. manufacturing sector in August — including one by the Institute for Supply Management that indicated the industry contracted for the first time since 2016.

Why it matters: The trade war, cited as a top concern among manufacturing firms, is viewed as a big factor driving the global economic slowdown. This is particularly true in the manufacturing sector, which has retreated significantly from its initial "Trump bump" after the election.

Details: The ISM survey's "purchasing managers’ index" had a reading of 49.1% last month, ending a 35-month period of expansion. Readings below 50% are considered contractions. Another survey by IHS Markit showed an index that reflects the health of the industry has slipped to its lowest level since 2009.

  • Amid fears that the U.S. may be on the brink of a recession, "manufacturing is likely to have again acted as a significant drag on the economy in the third quarter, dampening GDP growth," Chris Williamson, an economist at IHS Markit said in a release.

Go deeper: Manufacturing numbers around the world keep getting worse

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Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
5 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.