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Trump and Jerome Powell. Photo: Drew Angerer/Getty Images

President Trump on Tuesday renewed his attacks on the Federal Reserve and Chairman Jay Powell, after a key U.S. manufacturing gauge signaled the second consecutive month of sector-wide contraction.

"As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected. Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!"

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

Go deeper

Ina Fried, author of Login
20 mins ago - Technology

CES was largely irrelevant this year

Illustration: Sarah Grillo/Axios

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

The FBI is tracing a digital trail to Capitol rioters

Illustration: Sarah Grillo

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.

Off the Rails

Episode 6: Last stand in Georgia

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer, Raymond Boyd/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 6: Georgia had not backed a Democratic presidential candidate since 1992 and Donald Trump's defeat in this Deep South stronghold, and his reaction to that loss, would help cost Republicans the U.S. Senate as well. Georgia was Trump's last stand.

On Air Force One, President Trump was in a mood. He had been clear he did not want to return to Georgia, and yet somehow he'd been conscripted into another rally on the night of Jan. 4.