"Near Stalling Of Production" - US Manufacturing Surveys Collapsed In July
The start of the third quarter saw a deterioration in business conditions at US manufacturers as new orders declined for the first time in three months, according to S&P Global.
This makes sense as we have seen 'hard' US macro data serially disappoint for three months.
S&P Global US Manufacturing PMI falls to 49.6 in July, dropping into contraction for the first time since Dec 2023.
ISM Manufacturing PMI plunged to 46.8 (48.8 exp) - weakest since Nov 2023 (near post-COVID lockdown lows)
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