BIDEN ECONOMY: Durable Goods Stagnate, Manufacturing Index Drops Far Below Expectations
Added 06-28-22 10:41:02am EST - “Nearly every indicator of the economic performance of America is in or is moving in the wrong direction.? This is Biden's America.? Last week, the Manufacturing Index showed decreases that the country hasn't seen since the COVID shutdowns:…” - Thegatewaypundit.com
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US Manufacturing PMI fell dramatically to 52.4 in June 2022 from 57 in May. This drop is well below the market and economic expectations of 56, and now points to the slowest growth and steepest drop in factory activity in almost two years. Contractions in output and new orders are pushing the index down.
Production and new sales declined for the first time since the depths of the pandemic in mid-2020 driven by weak consumer demand. Inflation and a drop in wholesale and retail purchases have lowered purchase orders. The gears inside the economy are slowing to a halt.
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These numbers were horrible and unfortunately there are no signs of getting better. Breitbart reported on this yesterday:
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