America Heads For ‘Industrial Downturn’

America Heads For ‘Industrial Downturn’

US factory activity cooled more than expected last month, hotly anticipated data out Friday showed. It was the latest evidence to support a recession narrative that continues to gather adherents amid slowing consumption and abysmal consumer sentiment tied to a worsening cost of living crisis. ISM manufacturing fell to 53 in June, well below the 54.5 economists expected and near the low-end of the range. It was the most tepid ISM print in two years (figure below). Separately, the final read
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