A gauge of U.S. manufacturing from the Institute for Supply Management （ISM) showed the sector contracted in August, its first decline since 2016.

The ISM U.S. manufacturing Purchasing Managers’ Index fell to 49.1% in August, the lowest reading in more than three years. Any reading below 50% signals a contraction.

The August contraction ended a 35-month expansion period where the PMI averaged 56.5%, according to the ISM.