Author Topic: US Manufacturing "Took Sharp Turn For The Worse" In June  (Read 112 times)

0 Members and 1 Guest are viewing this topic.

Offline Ptarmigan

  • Bunny Slayer
  • Hero Member
  • *****
  • Posts: 23315
  • Reputation: +901/-225
  • God Hates Bunnies
US Manufacturing "Took Sharp Turn For The Worse" In June
« on: July 03, 2023, 09:25:09 PM »
US Manufacturing "Took Sharp Turn For The Worse" In June

Despite the recent resurgence in upside surprises for US macro data, the US Manufacturing sector remains deep in contraction (sub-50) based on the ISM and PMI surveys driven by a sharp fall in new orders.

S&P Global US Manufacturing 46.3 for June, down from 46.9 prior.

US ISM Manufacturing 46.0 in June, down from 46.9, big miss relative to 47.2 exp

Source: Bloomberg

American manufacturing took a nosedive in June.

“The health of the US manufacturing sector took a sharp turn for the worse in June, adding to concerns over the economy potentially slipping into recession in the second half of the year.

Leading the darkening picture was a severe drop in demand for goods, with new orders slumping at a rate among the steepest since the global financial crisis of 2009. Companies report that customers have become increasingly reticent to spend amid the rising cost of living, higher interest rates, growing concerns about the economic outlook and a switch in spending to services.

“Exacerbating the downturn has been a continued focus on inventory reduction as manufacturers, their suppliers and their customers all seek to cut warehouse stocks in the face of weakening demand.

It is the steepest since 2009.
Never interrupt your enemy when he is making a mistake.
-Napoleon Bonaparte

Allow enemies their space to hate; they will destroy themselves in the process.
-Lisa Du