U.S. factory activity sinks to 10-year low in September via ReutersTV
WASHINGTON - U.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market concerns of a sharp slowdown in economic growth in the third quarter.
The Federal Reserve cut interest rates again last month after lowering borrowing costs in July for the first time since 2008 to keep the longest economic expansion in history on track. The index has now declined for a sixth consecutive month and is in stark contrast with a rebound in the so-called hard data like industrial production, which showed output at factories rising in August.
The dollar fell against a basket of currencies after the data. U.S. Treasury prices rose. U.S. stocks were trading lower.Slowing economic growth was also underscored by a separate report from the Commerce Department showing construction spending edged up 0.1% in August. Data for July was revised down to show construction outlays unchanged instead of nudging up 0.1% as previously reported.
The 30-year fixed mortgage rate has dropped about 130 basis points from last year’s highs to an average of 3.64%, according to data from mortgage finance agency Freddie Mac.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 Most Popular Recipes in September 2019Featuring smoky-sweet roast chicken, lemony fritters, and more ultra-comforting dishes.
Read more »
Beat Itchy, Flaky, Dry Scalps With These 10 ShampoosRelief, right this way.
Read more »
More than 30,000 children under age 10 have been arrested in the US since 2013: FBIMore than 30,000 children under age 10 have been arrested in the U.S. since 2013, according to new statistics compiled by the FBI.
Read more »
10 things you need to know before the opening bellThis is what traders are talking about.
Read more »
After 10 years, South Laguna garden still demonstrates community till powerThe community garden first planted roots at the corner of Eagle Rock Way and South Coast Highway in 2009. It has become a place where residents 'can speak through creating something everyone can see.'
Read more »