IPFS News Link • Manufacturing-U.S.A
US Manufacturing Slumps In May, New Orders & Jobs Contract
• Zero HedgeAnalysts expected Manufacturing PMI to be flat from its ugly preliminary print of 52.4 and saw ISM Manufacturing dropping to 54.5 from 56.1 - both still comfortably in expansion (above 50) despite the collapse in US macro data relative to expectations.
BUT... things improved intra-month for Manufacturing PMI - rising to 52.7 final from 52.4 preliminary - but still notably below April's 57.0 print.
ISM Manufacturing was worse, falling to 53.0 from 56.1 (below the 54.5 expectations).
Source: Bloomberg
The headline PMI dropped to its lowest level since July 2020 amid a near-stagnation of factory output and a fall in new orders. The decrease in sales was the first since May 2020, with domestic and foreign client demand falling.