A slowdown in factory growth across the United States, Europe, and Asia is strengthening fears of a global recession.
“June PMI survey data showed the eurozone manufacturing economy ending the second quarter on a low as production levels fell for the first time in two years,” S&P Global said in a July 1 press release (pdf). “Total new business intakes and export orders both declined, while business confidence slid to a 25-month low.”
Backlogs of work fell for the first time in almost two years as eurozone companies focused on “completing unfilled orders due to falling demand.”
In the United States, S&P Global’s final manufacturing purchasing managers index (PMI) fell to 52.1 in June from May’s 54.6, the lowest level since August 2020. In the United Kingdom, the manufacturing sector slowed in June, with PMI at a two-year low, S&P Global said in a July 1 tweet….