The U.S. economy is declining at a pace not seen since the 2008-09 financial crisis, says Chris Williamson, the chief business economist at S&P Global Market Intelligence, citing the latest round of purchasing managers’ index (PMI) readings.
The S&P Global U.S. Manufacturing PMI eased to a two-year low of 52.3 in July, down from 52.7 in June—anything above 50 indicates expansion. The market had penciled in a reading of 52.  
This month, production levels were flat, new orders fell, cost inflation slowed, employment growth moderated, and business sentiment plummeted to its lowest level since October 2020. More firms noted that they plan to cut personnel and slash costs.  …