When even the government has to cut staff, it’s a hard landing, folks.
Government spending is usually what pulls us back OUT of recessions.
(I guess, finally, we’re going to get some job numbers.)
— Uncle Milty’s Ghost (@his_eminence_j) July 2, 2024
ISM: manufacturing sector contracts in Jun for 3rd month in a row, and 19 of last 20 months; all 5 subindices of the PMI were in contraction territory; inflationary pressures largely evaporated, showing slower price increases: pic.twitter.com/xPhCgtLFbA
— E.J. Antoni, Ph.D. (@RealEJAntoni) July 2, 2024
- The Manufacturing PMI for June 2024 was 48.5%, indicating contraction in economic activity in the manufacturing sector. This is the third consecutive month of contraction and the 19th time in the last 20 months.
- Key subindices:
- New Orders Index: Remained in contraction territory at 49.3%.
- Production Index: Declined to 48.5%, down from May’s figure of 50.2%.
- Prices Index: Registered 52.1%, down from 57% in May.
- Backlog of Orders Index: Contracted further to 41.7%.
- Employment Index: Also contracted, registering 49.3%.
Construction spending ticked down slightly in May, w/ private spending now roughly flat YTD; worth remembering that the surge in "private" construction over last 2 years is actually funded w/ taxpayer dollars through gov't-guaranteed loans, so it really should be "public"… pic.twitter.com/UNPhYezQHe
— E.J. Antoni, Ph.D. (@RealEJAntoni) July 2, 2024
US GDP in the second quarter probably expanded by 1.7%, down from 2.2% on June 28 and the lowest estimated growth since the series began: Atlanta Fed GDPNow pic.twitter.com/1toAkzM1vg
— Lisa Abramowicz (@lisaabramowicz1) July 2, 2024