"The U.S. manufacturing sector is clearly struggling under the pressure from falling exports"
- Chris Williamson, chief economist at Markit
Manufacturing in the world's largest economy expanded at the slowest pace since late 2010 in July, shows a poll conducted by financial information firm Markit. Purchasing managers index declined for a fourth consecutive month to 51.8 from 52.5 in June.
"The U.S. manufacturing sector is clearly struggling under the pressure from falling exports," said Chris Williamson, chief economist at Markit.
"Reassuringly, domestic demand appears to be showing ongoing signs of resilience, encouraging firms to take on more staff."
"Overall, the third quarter is so far shaping up to be worse than the second quarter in terms of growth, which is a growing concern for policymakers," added Mr. Williamson.
U.S. stocks closed lower the same day. The Standard & Poor's 500 dropped 0.90%, or 12.21 points, to 1,338.31. The Dow Jones Industrial Average depreciated 0.82%, or 104.14 points, to 12,617.32. The Nasdaq Composite plunged 0.94%, or 27.16 points, to 2,862.99.
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