US manufacturing is slowing: The Richmond Fed Manufacturing Index fell -10 points in September, to -17, the 4th-lowest reading since 2020. The 3-month moving average dropped to -15 points, one of the weakest since 2008. Shipments fell -15 points, to -20, the 2nd-lowest since May 2020. New orders fell -9 points, to –15, the 2nd-lowest since November 2024. This signals that the US manufacturing downturn is intensifying. Meanwhile, the employment index decreased -4 points, to -15, the 4th-weakest reading since 2020. US manufacturing is struggling.(The Kobeissi Letter)