7/1, 3:46 PM (Source: TeleTrader)
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US manufacturing PMI at 52.7 in June

United States manufacturing purchasing managers index (PMI) exceeded analyst expectations to land at 52.7 in June, significantly down from 57.0 in May, S&P Global reported on Friday.

The headline PMI dropped to the lowest level since July 2020, with the stagnation of factory output, reduction in new orders and escalating inflationary pressures weighing on the US manufacturing activity.

"The PMI survey has fallen in June to a level indicative of the manufacturing sector acting as a drag on GDP (...) Indicators such as business expectations, new order inflows, backlogs of work and purchasing of inputs have all deteriorated markedly to suggest an increased risk of an industrial downturn," S&P Chief Business Economist Chris Williamson commented.

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