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US PMI Suggests Loss Of Momentum Not Seen Since 2009 Pre-Covid

US DATA
  • Markets fixate on the very large miss in the US service PMI as it slumped from 52.7 to 47.0 (cons unch at 52.7), signalling the sharpest fall in output since May'20.
  • The overall manufacturing PMI saw a small beat but still dipped from 52.7 to 52.3 and a 24-month low, whilst the output index (which goes into the composite) fell back 50 for the first time since Sep'20.
  • That combination saw the composite signal "a further loss of momentum across the economy of a degree not seen outside of COVID-19 lockdowns since 2009”.
  • Services are being hit two-fold: “relatively subdued client demand and growing inflationary concerns hampered expectations, as service providers signalled the lowest degree of confidence in the outlook for output since September 2020”.


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