The prices rose to
51.7 because the import continued to rise.
The PMI declined to 47.2 which was the lowest level in 2019 and it was
in a contraction mode for 5 consecutive months.
The new order
decreased to 46.8 because of a reduction in new export order (47.3) and this could
indicate that the de-Americanization of China supply chain was affecting the US
PMI. The customers’ inventories (41.1)
and production (43.2) decreased because of a further decline in the new order. This also led to the producers cutting production
and employment (45.1) since they were not optimistic about the future. The continual reduction in manufacturing employment was a grave concern because it was highly correlated to the overall employment in the US.
Therefore, the PMI and its sub-indices
indicated a weakening US economy.
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