NEW YORK (Dow Jones) — US manufacturing activity grew at a slower pace in June compared to the previous month, according to a survey by S&P Global. The purchasing managers’ index collected by S&P Global in this sector fell in the second publication to 52.7 from 57.0 points. Economists had expected a reading of 52.0. In the first publication, a value of 52.4 was determined. Above 50 points, the economic barometer signals growth, below 50 a shrinking economy.
“Forward-looking indicators such as business expectations, new orders, backlogs and input purchases have all deteriorated significantly, pointing to an increased risk of an industrial downturn,” said Chief Economist Chris Williamson.
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July 01, 2022 09:56 ET (13:56 GMT)