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The disappointing index of purchasing managers released Wednesday by the Institute for Supply Management suggests that the rate hike in the US manufacturing industry has fallen to the lows that prevailed before the Trump election. The PMI of 52.8 means that 52.8% of the survey respondents are expanding and the others are contracting. The consensus estimate of the manufacturing PMI was 55.
Market commentators do not disagree about the source of weakness in the manufacturing sector. Both exports and imports shrink, with respective indexes below 50%.
Read more: Strong job growth at Trump, contraction of Trump's manufacturing
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