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01.07.2022 17:57 News >> US Manufacturing Sector Slows In June To Lowest Level In 2 Years

US Manufacturing Sector Slows In June To Lowest Level In 2 Years

Deteriorating business expectations suggest increased risk of industrial downturn, S&P Global says.

US manufacturing sector slowed down in June, sliding to its lowest level in two years, according to a report released by the US-based financial services company S&P Global on Friday.
Manufacturing purchasing managers' index (PMI), which measures the activity of managers in the manufacturing sector, fell 4.3 points from the previous month to 52.7 in June – its lowest level since July 2020.
While the market expectation for manufacturing PMI was to come in at 52.4, the figure is sharply down from 57.0 in May.
A reading above 50 indicates expansion in the sector, and below 50 represents contraction.
"Demand growth is cooling from households amid the cost-of-living crisis, and capital spending by companies is also showing signs of moderating due to tightening financial conditions and the gloomier outlook," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.
"Forward-looking 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," he added. -



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