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This photo taken on August 6, 2019 shows a cargo ship berthing at Qingdao port in Qingdao in China's eastern Shandong province. - China's good shipments abroad beat expectations to rise in July while its purchases continued to shrink, official data showed on August 8. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images)
Strategist: Global manufacturing recession is underway
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This photo taken on August 6, 2019 shows a cargo ship berthing at Qingdao port in Qingdao in China's eastern Shandong province. - China's good shipments abroad beat expectations to rise in July while its purchases continued to shrink, official data showed on August 8. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images)
Strategist: Global manufacturing recession is underway
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FILE PHOTO: Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo
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Published 11:21 AM EDT, Tue September 3, 2019
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ROCK HILL, SOUTH CAROLINA - FEBRUARY 23: Republican presidential candidate and former President Donald Trump speaks during a Get Out The Vote rally at Winthrop University on February 23, 2024 in Rock Hill, South Carolina. Former President Trump is campaigning in South Carolina ahead of the state's Republican presidential primary on February 24. (Photo by Win McNamee/Getty Images)
Real estate CEO says Trump could sell Mar-a-Lago 'quickly' to secure $464 million bond
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- Source: CNN
New York CNN Business  — 

American manufacturing shrank for the first time in three years this summer.

On Tuesday, the Institute of Supply Management’s manufacturing index came in at 49.1 for the month of August — its lowest level since January 2016. Any number below 50 represents a contraction. The index was last below 50 in August 2016. Last month was the end of a 35-month expansion cycle, according to Timothy Fiore, chair of ISM’s manufacturing business survey committee.

Although one month is not a trend, it’s yet another data point that suggests a steady downturn at American factories.

US stocks, which were already down before ISM released its report, took a turn for the worse. The Dow sank 400 points Tuesday.

Trade remains the “most significant issue” for the manufacturing sector, Fiore said, “indicated by the strong contraction in new export orders.” The ISM’s new export orders index dropped to 43.3 in August, which was the lowest reading since April 2009.

The index is calculated from a monthly survey of roughly 300 manufacturing firms across the country.

“The manufacturing sector has broken and is now in a recession. It’s official,” wrote MUFG chief financial economist Chris Rupkey in a note to investors. “The US trade war with the world has blown open a great big hole in manufacturers’ confidence, and it will be a miracle if the broader economy can continue to roll on with manufacturing in decline.”