A closely watched gauge of U.S. factories showed activity contracted in August, reflecting the mixed fortunes of American manufacturers amid a strong dollar, slow global growth and an uncertain outlook at home.
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The Institute for Supply Management on Thursday said its index of manufacturing activity decreased to 49.4 in August from 52.6 in July. A reading above 50 indicates that factory activity is growing while a reading under 50 signals contraction.
Economists surveyed by The Wall Street Journal had expected an August reading of 52.0.
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