U.S. manufacturing PMI slumps to 9-year low [MarketWatch]
IHS Markit Ltd. Common Shares (INFO)
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Source: MarketWatch
U.S. manufacturing PMI slumps to nine-year low in May The numbers: Faced with less demand from customers and a flareup in U.S.-China trade tensions, American businesses grew in May at the slowest pace since before President Trump was elected, a pair of new surveys show. An IHS Markit “flash” survey of U.S. manufacturers fell to a nine-and-a-half year low of 50.6 this month from 52.6 in April. Manufacturing conditions have been soft for months. Even more ominous, the firm’s survey of U.S. service-oriented companies such as banks and retailers slipped to a 39-month low of 50.8 from 52.7. Service companies employ about four-fifths of all U.S. workers. Until recently they’ve been expanding rapidly. Any number over 50 signifies that companies are growing, but the sharp decline in the indexes this year suggests the U.S. economy could slow in the months ahead, especially if the dispute with China drags on. What happened: The growth in new orders from both domestic customers and foreign buy
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