Weak US PMI signals confirmed by official data

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Official data showed US manufacturing output missing expectations in May, adding to a flow of recent data that point to a renewed bout of industrial weakness.
PMI survey data not only accurately predicted the downturn in industrial growth, but also revealed the underlying factors behind the slowing, notably a waning of both capex and consumer spending. The numbers therefore suggest there are downside risks to the near-term outlook for the US economy.

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