US exports and imports slumped further in August

September 3, 2019 – New export orders dropped significantly in August, according to the latest Institute of Supply Management (ISM) Report on Business. August exports registered a 43.3 reading, down from July’s 48.1, and imports slowed to August’s 46.0 from 47.0 in July.

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“Respondents expressed slightly more concern about U.S.-China trade turbulence, but global trade softness remains the most significant issue, indicated by the strong contraction in new export orders. Respondents continued to note supply chain adjustments as a result of moving manufacturing from China. Overall, sentiment this month declined,” said Timothy Fiore, Chair of the Institute for the ISM Manufacturing Business Survey Committee.

The nine-state Heartland trade numbers were also down with both export orders and imports falling. The new export orders index sank to 39.6, down from July’s 44.7, and the import index slumped to 42.3 from 43.8 in July.

“Two-thirds of our regional supply managers indicated that the trade war and tariffs were having negative impacts on their firm,” according to Ernie Goss, PhD, director of Creighton University’s Jack A. MacAllister Chair in Regional Economics in the Heider College of Business.

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