Economy
October 3, 2022
ISM: US Manufacturing Slowed in September
Written by David Schollaert
US manufacturing activity grew at its slowest pace in nearly two-and-a-half years in September, according to the Institute for Supply Management (ISM). Though still expanding last month, manufacturing was slowed as new orders contracted amid aggressive interest rate increases from the Federal Reserve meant to cool demand and tame inflation.
The ISM’s report also showed a measure of manufacturing employment contracted last month for the fourth time this year. A gauge of inflation at the factory gate decelerated for a sixth straight month.
