US manufacturing firms recorded a second successive monthly decline in the health of the sector in June, according to the latest PMITM survey from S&P Global. The overall rate of contraction gained momentum amid a renewed fall in output and a sharper downturn in new orders. Despite a steep drop in backlogs of work, manufacturers still sought to replace voluntary leavers and fill long-held vacancies, meaning employment grew further. Nonetheless, future output expectations weakened. A dearth of new orders led firms to continue in their efforts to run down stocks with input buying also contracting markedly. On the ... (full story)