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US PMI falls to near two-year low in June amid contraction in client demand
The US manufacturing sector signalled subdued improvements in operating conditions during June, according to latest PMITM data from S&P Global. The headline PMI dropped to its lowest level since July 2020 amid a near-stagnation of factory output and a fall in new orders. The decrease in sales was the first since May 2020, with domestic and foreign client demand falling. As a result, firms utilised their current holdings of inputs and finished goods to supplement production, with input buying stagnating and suppy chain delays easing. A reduction in new orders, combined with a sustained rise in employment led to ... (full story)