U.S. manufacturing and services PMI come in lower than expected for June

Yahoo Finance presenter Julie Hyman breaks down the latest preliminary S&P Global manufacturing and services PMI readings for June.
video transcript
- I'll bring you some breaking business news in a moment. We have S&P Global PMIs and they are not good. So we have the provisional June reading, 52.4. That's a big drop from 57 recorded in the previous month. Services, 51.6, down from 53.4. And the composite - manufacturing PMI, sorry, at 52.4. The composite PMI is 51.2.
All of these are decreases. The production is particularly sharp. But it's interesting that the services are seeing such a drop considering the services are supposed to hold up better. Remember 50, the dividing line between expansion and contraction. Speaking of the contraction, there was the first drop in new orders since July 2020. According to S&P Global, new export orders shrank the most since June 2020.
So more worrying signs for the US economy. Even if we're not in a recession yet, even if we're not going into a recession, that's a pretty sharp slowdown that we're seeing, especially in this manufacturing activity.

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