Key US Manufacturing Gauges Contract in August, Signal Broader Industry Slowdown

Experts, however, still anticipate ‘industrial renaissance’ amid public and private investment.

A worker handles 155 mm calibre shells after the manufacturing process at the Scranton Army Ammunition Plant in Scranton, Pa., on April 16, 2024. Charly Triballeau/AFP via Getty Images

Two key U.S. manufacturing gauges contracted in August, signaling a possible broader industry slowdown.

The Federal Reserve Bank of New York’s Empire State Manufacturing Survey—a monthly survey of 200 companies—contracted for the ninth consecutive month in August as business activity in the state weakened.