Jun 01

US Manufacturing Weakest Since 2009: “No Comfort For Those Looking For A Rebound”:

Following China’s drop, Japan’s plunge, and Brazil’s crash, US Manufacturing PMI slipped once again to 50.7 – its weakest since September 2009 amid ” subdued client demand and heightened economic uncertainty.” New orders bounce is over as it fell to its weakest since Dec 2015 and worse still input costs are surging to 9 month highs as employment suggest payrolls will remain under pressure. ISM Manufacturing data improved marginally – leaving 50% of the last 10 months in contraction and 50% in expansion. The improvement seesm based on a rise in prices paid and customer inventories – hardly a positive sustainable trend. As Markit concludes, “for those looking for a rebound in the economy after the lacklustre start to the year, the deteriorating trend in manufacturing is not going to provide any comfort.”

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