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US economic upturn slows in June as dependence on services grows
US companies signalled a further expansion of business activity at the end of the second quarter, although the rate of growth slowed to a three-month low. Manufacturers reported a renewed contraction in production while service providers saw a slower, but still solid, upturn in output. Jobs growth meanwhile sank to the slowest since January. Although higher wages added to firms’ costs, selling price inflation for goods and services hit a 32-month low. At 53.0 in June, the headline S&P Global Flash US PMI Composite Output Index indicated a fifth successive monthly increase in activity across the private sector. The ... (full story)
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US PMIs Tumble In June As Manufacturing Slump Hits Services Sector
After European PMIs plunged this morning, US PMIs (preliminary for June) were expected to decline (both Services and Manufacturing). • US Manufacturing PMI tumbled to 46.3 from 48.4 - that is the lowest since Dec 2022 (which equals lowest on record) • US Services PMI dropped to 54.1 from 54.9 Commenting on the US flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “Growth remains dependent on service sector spending, however, with manufacturing slipping back into decline after three months of growth. While improving supply conditions had helped boost ... (full story)
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