The U.S. manufacturing sector contracted for the first time since 2009 in August, CNBC reports from data by IHS Markit.

Why it matters: The industry, which has flourished during the Trump administration, is not only facing ongoing concerns of a global economic slowdown, but is also staring down increased pressure from the U.S.-China trade war. The report also saw a slowdown in business growth, which IHS Markit's economics associate director told CNBC was its "most concerning aspect"

Go deeper: U.S. Steel plant in Michigan will temporarily lay off up to 200 employees