US PMIs Plunge To 2-Year Lows Amid “Remarkable Drop In Demand”

With European PMIs plunging in June, and US Macro Surprise data collapsing, it was perhaps somewhat surprising that analysts only expected a marginal drop in preliminary June US PMIs. And we were right to be surprised as the data printed dramatically below expectations.

Source: Bloomberg

The manufacturing print is the weakest since June 2020, and Services at 5-month lows (but very close to two-year lows too).

This dragged the US Composite PMI tumbled to 51.2 – a 5-month low – signaling notable weakness in Q2 GDP (and Q3 GDP)…

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“The pace of US economic growth has slowed sharply in June, with deteriorating forward-looking indicators setting the scene

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