US PMI Falls To Lowest Level Since July 2011

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UPDATE:U.S. manufacturing grew at a slower pace than recorded just one month ago, down to an 11 month low, new data out of MarkitEconomics shows.

In the company’s second-ever flash U.S. PMI report, manufacturing registered a 110 basis point decline to 52.9.

However, a reading above 50 indicates expansion.

Markit’s Chief Economist, Chris Williamson, attributed the weaker results to difficulties with international trade partners and said the figures  indicated the country is currently growing at a rate of 0.8 per cent. 

“The principal source of weak growth is the loss of foreign sales, with manufacturers reporting the second largest decline in new export orders since September 2009,” Williamson said. “The downturn reflects falling demand in the Eurozone and weaker economic growth in other export markets, including emerging markets such as China.”

The key employment sub-index declined to 53.1 from 54.3 a month earlier, an eight month low. 

Output was the only area to show accelerating expansion in June, gaining 10 basis points to 54.6. New orders fell half a point to 54.1. 

Below, key output from the report.


Photo: Markit Economics


Photo: Markit Economics


Photo: Markit Economics


The day’s data deluge continues at 8:58 a.m., when MarkitEconomics releases its second ever flash U.S. PMI reading.

Just eight economists have weighed in for the preliminary reading, forecasting a 70 basis point decline to 53.3 in June.

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