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)

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 manufacturing ... (full story)