The US Manufacturing PMI has seen a drop in its index for the month, manufacturing is still slightly expanding although it fell 0.04% from last month.
US manufacturing PMI registered 50.5 last month, and analysts had expected a reading of 50.5 and the current reading for the month was 50.1.
Commenting on the data, Chris Williamson, chief business economist, said:
“US manufacturers reported that working conditions have been tougher for nearly a decade in June.
The past two months have seen the lowest readings since the peak of the global financial crisis in 2009. “
“One of the major developments in recent months has been the deteriorating performance of major companies.
with the last two months seeing the lowest reading of the PMI in a decade.
After stocks rose sharply earlier in the year, large companies moved to a slowdown in May and June and IHS Markit Chris Williamson.
chief business expert at IHS Markit, amid a sharp slowdown in new orders flows.
Adding that concerns in the sector stemmed from slower demand, weaker sales and geopolitical uncertainty.
“The tariff continued to rise in prices, but weak demand often limited the ability of companies to pass higher prices on customers.
Indicating that overall inflationary pressures have weakened compared to the previous year. “
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