US manufacturing in “de facto recession”: ISM PMI falls in June

03 July 2023

 

Summary: ISM PMI down in June, below expectations; ISM: indicates seventh month of contraction; US Treasury yields rise modestly; expectations of Fed rate cuts in 2024 soften; NAB: figures highlight “de facto recession” in US manufacturing; ISM: reading corresponds to 1.0% US GDP contraction annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended...

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