The U.S. economy is declining at a pace not seen since the 2008–09 financial crisis, said Chris Williamson, chief business economist at S&P Global Market Intelligence, citing the latest round of Purchasing Managers’ Index (PMI) readings.
The headline Flash U.S. PMI Composite Output Index fell into contraction territory at 47.5 in July, from 52.3 a month ago, indicating a significant decline in private sector output. The pace of decline was the fastest since the early phases of the COVID-19 pandemic in May 2020, as both manufacturers and service providers reported weak demand conditions.
