(CercleFinance.com) – The contraction in activity in the American manufacturing sector accelerated in June to reach its most pronounced rate of the year, show the results of a survey published by S&P Global.
The PMI index measuring the manufacturing industry in the United States stood at 46.3 last month, against 48.4 in May, well below the 50 point mark separating growth and contraction of activity.
For Chris Williamson, chief economist at S&P Global Market Intelligence, these data confirm the hypothesis of an entry into recession for the American economy during the second half of the year.
The analyst said he was particularly concerned about the fall in demand for manufactured goods, which last month suffered its sharpest decline since the 2009 financial crisis.
‘Companies surveyed report growing customer reluctance to incur expenses in the face of rising cost of living, rising interest rates and growing concerns about the economic outlook and shifting spending on the service sector,” he points out.
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