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US Stands Out In Global Manufacturing Contraction

GLOBAL

Global manufacturing activity slipped into contraction in September, with the JPM Global PMI falling to 49.8 - the first sub-50 reading since June 2020. The sub-categories showed a continued contraction in new orders, production, and backlogs, and falling international trade.

  • While well off the heady pace of 2021 or even early 2022, US manufacturing has held up better than its counterparts, and actually accelerated slightly in September vs August. Meanwhile, Eurozone and China PMIs were below 50 for the 2nd consecutive month.
  • So while the ISM PMI and MNI Chicago Business Barometers have disappointed in the past week, the US manufacturing sector still looks like one of the healthiest in what appears to be a broader global contraction.
  • However, expect US activity to be dragged down by broader global weakness in the months ahead.


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Global manufacturing activity slipped into contraction in September, with the JPM Global PMI falling to 49.8 - the first sub-50 reading since June 2020. The sub-categories showed a continued contraction in new orders, production, and backlogs, and falling international trade.

  • While well off the heady pace of 2021 or even early 2022, US manufacturing has held up better than its counterparts, and actually accelerated slightly in September vs August. Meanwhile, Eurozone and China PMIs were below 50 for the 2nd consecutive month.
  • So while the ISM PMI and MNI Chicago Business Barometers have disappointed in the past week, the US manufacturing sector still looks like one of the healthiest in what appears to be a broader global contraction.
  • However, expect US activity to be dragged down by broader global weakness in the months ahead.


Keep reading...Show less