8/1/2022, 3:46 PM (Source: TeleTrader)
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US manufacturing PMI lowest in two years in July

United States manufacturing purchasing managers index (PMI) stood at 52.2 in July, S&P Global revealed in its report released on Monday. The figure was the lowest in the past two years.

One of the notable drivers of the July reading's decline was a fall in production, which was down for the first time since June 2020, while new orders recorded the fastest pace decrease in over two years.

"With the exception of pandemic lockdown periods, July saw US manufacturers report the toughest business conditions since 2009," Chief Business Economist at S&P Global Chris Williamson noted, adding that "the rising cost of living is the most commonly cited cause of lower sales, as well as the worsening economic outlook."

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