The PMI has fallen for the second month in a row. The index is holding below 50 p.p., indicating a slowdown in the U.S. economy. And it is accelerating! Recession risks are not going anywhere.
The index fell 2.7 points to 45, the weakest reading since May 2020. At the same time, the index is down not only in the U.S. but also in the EU. This is a trend seen around the world.
Also, the index of business activity in the manufacturing sector is approaching the 50-point mark. The index decreased to 51.3, and that's after almost 60 points in April 2022. The clouds over the U.S. economy are thickening.