US energy use unaffected by manufacturing dent

Declining business: Employees in action at a glass factory in Ohio. The US manufacturing index has been below the 50-point threshold dividing expanding activity from a contraction for 10 months since November 2022. — Bloomberg

US manufacturers reported that business activity declined for the tenth month running in August, though declines are becoming less widespread implying the trough in the cycle may be approaching.

The Institute for Supply Management’s purchasing managers index increased slightly to 47.6 (16th percentile for all months since 1980) in August, up from 46.4 (13th percentile) in July and 46 (11th percentile) in June.