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.
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S&P Global US Manufacturing PMI falls to 49.6 in July, dropping into contraction for the first time since Dec 2023.
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ISM Manufacturing PMI plunged to 46.8 (48.8 exp) – weakest since Nov 2023 (near post-COVID lockdown lows)
Source: Bloomberg
Rubbing some salt in the wounds was the fact that Prices Paid rose while New Orders tumbled and Employment puked (to the lowest since COVID lockdowns)…
Source: Bloomberg
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
But William son has an excuse for this downturn…
The question is – if the Democrats win, will this downturn accelerate?
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