New York (CNN Business) America's manufacturing downturn isn't letting up. Factory activity contracted for the fifth consecutive month in December, registering a worse drop than expected. The Institute of Supply Management's manufacturing purchasing managers' index logged its lowest level since June 2009 at 47.2, compared with the consensus forecast of 49. Last week, the Federal Reserve argued in a paper that import tariffs hurt US manufacturing. "A positive effect from import protection is offset by larger negative effects from rising input costs and retaliatory tariffs," it said.

Source: CNN January 03, 2020 16:18 UTC