Posted BY: Zero Hedge
With broad weakness in ‘hard’ economic data and ‘soft’ survey data coming fast and furious, it was no surprise that S&P Global’s US Manufacturing PMI fell further intramonth to 52.2 in July from 52.7 in June – the lowest since July 2020. On the other hand, ISM Manufacturing beat expectations, falling from 53.0 to 52.8 (the lowest since June 2020) but that was better than the expected 52.0.
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According to S&P Global, firms continued to pass-through higher costs to clients, as output charges rose at an historically elevated pace. The decrease in new order inflows was accompanied by a weakening of payroll growth to the lowest for six months.
However, according to ISM, Prices Paid plummeted from 78.5 to 60.0 – the biggest MoM drop since June 2010