July 25, 2022
The S&P Global US Manufacturing PMI edged lower to 52.3 in July of 2022 from 52.7 in June, compared to market forecasts of 52, preliminary estimates showed. The reading pointed to the slowest growth in manufacturing activity in two years, amid broadly unchanged production levels and a further fall in new order inflows. Meanwhile, cost inflation slowed to the lowest since April 2021 but remained elevated due to energy, fuel, transportation and material prices. Vendor performance deteriorated again and more firms mentioned plans to cut costs and reduce staffing numbers as the rate of job creation slowed to the second-weakest in the current two-year sequence of employment growth. Finally, business sentiment was the lowest since October of 2020 due to weak client demand and the impact of further inflationary pressure on customer spending.
Source: Trading Economics
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