Manufacturers faced a sharp fall in new orders as constrained client budgets and weak overall demand took a toll. Export orders continued to decline across major markets such as Asia, Europe, and the United States. Despite this extended slump, the pace of export contraction showed slight improvement, suggesting that the worst phase of the export decline may be easing.
“Demand weakness, particularly in automotive and semiconductors, weighed on the industry,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.