US June S&P Global manufacturing PMI 51.6 vs 51.7 prelim

• Prelim was 51.7
• Prior was 51.3

The ISM survey is due at the top of the hour and the consensus is 49.1, up from 48.7 last month.

Chris Williamson, Chief Business Economist at S&P
Global Market Intelligence, said:

“The S&P Global PMI survey shows US manufacturers
struggling to achieve strong production growth in June,
hamstrung by weak demand from domestic and export
markets alike. Although the PMI has now been in positive
territory in five of the first six months of 2024, up from
just one positive month in 2023, growth momentum
remains frustratingly weak.

“Factories have been hit over the past two years
by demand switching post-pandemic from goods to
services, while at the same time household and business
spending power has been diminished by higher prices
and concerns over higher-for-longer interest rates.
These headwinds persisted into June, accompanied by
heightened uncertainty about the economic outlook
as the presidential election draws closer. Business
confidence has consequently fallen to the lowest for 19
months, suggesting the manufacturing sector is bracing
itself for further tough times in the coming months.”

This article was written by Adam Button at www.forexlive.com.