{"id":1382261,"date":"2023-08-01T14:07:28","date_gmt":"2023-08-01T18:07:28","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1382261"},"modified":"2023-08-01T14:07:28","modified_gmt":"2023-08-01T18:07:28","slug":"us-manufacturing-surveys-confirm-contraction-employment-weakest-since-covid-lockdowns","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-manufacturing-surveys-confirm-contraction-employment-weakest-since-covid-lockdowns\/1382261\/","title":{"rendered":"US Manufacturing Surveys Confirm Contraction; Employment Weakest Since COVID Lockdowns"},"content":{"rendered":"

US Manufacturing Surveys Confirm Contraction; Employment Weakest Since COVID Lockdowns<\/span><\/p>\n

\n

It’s been a rough morning for Global Manufacturing PMIs <\/strong>– China, Turkey, Italy, France, Germany (shitshow), Eurozone, UK, Canada, and Brazil all printed below 50 (contracting).<\/p>\n

Goods production in the #eurozone<\/a> fell at the sharpest pace since the global financial crisis in July (except for pandemic-hit months), contributing to the fastest drop in factory gate prices since Sep 2009. @HCOB_Economics<\/a> #PMI<\/a> Read morehttps:\/\/t.co\/EsB6WVnAge<\/a> pic.twitter.com\/eyZmVvqi1n<\/a><\/p>\n

\u2014 S&P Global PMI\u2122 (@SPGlobalPMI) August 1, 2023<\/a><\/p>\n

So can USA, USA, USA buck the trend – besides we have something no other country has – “Bidenomics<\/strong>“!!!!!<\/p>\n

US macro data has serially surprised to the upside in recent weeks, so expectations were for a rebound in US Manufacturing ‘soft’ survey data and S&P Global’s PMI printed 49.0 in July (still in contraction),<\/strong> unchanged from the flash print earlier in the month (but up from the 46.3 final print in June). ISM’s Manufacturing survey headline disappointed, printing 46.4 (46.9 exp) – still in contraction – but up marginally from the 46.0 June print. ISM hasn’t been above 50 since August 2022…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

ISM’s Manufacturing survey showed Employment slowing at its fastest rate since COVID lockdowns<\/strong>. Prices and New Orders continue to contract…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence<\/a>, said:<\/p>\n

\u201cManufacturing continues to act as a drag on the US economy,<\/strong> the recent spell of malaise persisting at the start of the third quarter. However, producers are clearly shrugging off recession fears and planning for better times ahead. <\/em><\/p>\n

<\/a><\/em><\/p>\n

\u201cThe sector continued to suffer from lower demand, as a post-pandemic shift in spending from goods to services, and an ongoing trend of cost-focused inventory reduction, led to a further drop in orders.<\/strong> <\/em><\/p>\n

“The overall rate of order book decline nevertheless moderated during the month, helped by a slower decline in exports, to help stabilize production. “<\/em><\/p>\n

There are some silver-linings for those desperate to find something bullish ‘soft-landing’-y to cling to…<\/p>\n

\u201cThere were several other encouraging bright spots<\/strong> in the survey, most notably including a marked improvement in business expectations for output in the year ahead. Firms are therefore anticipating the current soft patch to soon pass, and importantly are hiring more staff as a result. <\/em><\/p>\n

\u201cThere was also good news on the inflation front.<\/strong> The combination of weak demand and improved supply led to a further \u201cbuyers\u2019 market\u201d for many goods. Prices charged for goods consequently barely rose for a third straight month, which should help subdue consumer price inflation in the near term.\u201d<\/em><\/p>\n

Still, not exactly the exuberant economy that ‘Bidenomics’ promised.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 08\/01\/2023 – 10:07<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/economics\/us-manufacturing-surveys-confirm-contraction-employment-weakest-covid-lockdowns<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Manufacturing Surveys Confirm Contraction; Employment Weakest Since COVID Lockdowns It’s been a rough morning for Global Manufacturing PMIs – China, Turkey, Italy, France, Germany…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1382261","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-5NAx","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1382261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1382261"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1382261\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1382261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1382261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1382261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}