JPM and Markit on Global PMI surveys. 49.8 in May from 50.4 the previous month.
- lowest level since October 2012
You might need a barf bag for this lot:
- manufacturing downshifted into contraction during May
- Business conditions deteriorated to the greatest extent in over six-and-a-half years
- production volumes stagnated
- new orders declined at the fastest pace since October 2012
- The trend in international trade continued to weigh on the sector, with new export business contracting for the ninth month running.
- Business optimism fell for the second month in a row and to its lowest level since future activity data were first collected in July 2012
- National PMI data signalled deteriorating business conditions in several major industrial regions including the euro area, Japan, the UK, Canada, South Korea and Taiwan. PMI readings for the US, China and Brazil were only a few ticks above the benchmark 50.0 no-change mark.
- US PMI slipped to its lowest level in almost a decade (September 2009)
- Global manufacturing employment edged lower to register its first decline since August 2016.
Ugly stuff ladies and gentlemen. Batten down the hatches for the coming couple of years. Do not take out new debt. Cash is king.
