US Manufacturing Contracts
Manufacturing in the U.S. unexpectedly contracted for a second month in July, showing a mainstay of the economy was struggling to improve as global economies weakened.
The Institute for Supply Management’s factory index was little changed at 49.8 last month from 49.7 in June. Fifty marks the dividing line between expansion and contraction. Economists surveyed by Bloomberg News projected a reading of 50.2, according to the median estimate.