The prices increased to 54.8 (+6.5) because of higher employment (44.4, +0.5) and higher wages.
The producers reduced their production (46.2, -3.6) but focused on fulfilling the backlog of order (42.3, -1.8). Consequently, this had resulted in the reduction of customers’ inventories (46.8, -3.2), inventories (42.6, -1.3) and local raw material (Est’d -1.3).
The marginal increases in new order (47.1, +1), new export order (45.5, +0.2) and new local order (Est’d +0.8) could not reverse the significant declines in other subcomponents and resulted in an overall decline of the PMI to 46.5 (-0.7).
The latest PMI showed that the US economy was still weakening despite the outstanding stock market performance.
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