Overall, the manufacturing sector has been weak "thanks in large part to constrained capital spending," said economists at Pantheon Macroeconomics.
The Institute for Supply Management's (ISM) manufacturing index came in at 46.4 percent last month, inching up from 46.0 percent in June
Nigel Gault, Chief US Economist at IHS Global Insight & Richard Ross of Auerback Grayson shared their view on all this unemployment data in an interview with CNBC-TV18‘s Menaka Doshi.
The US markets are believed to ail from bleak economic picture on one hand and the ongoing politics in Washington on the other hand. However, Richard Ross, global technical analyst at Auerbach Grayson says, that the real economic scene in US is drab, regardless of what comes out of Washington.