US PMIs Plunge In August, Composite Weakest Since 2020
Echoing the collapse in consumer sentiment, preliminary August data from Markit’s business survey suggest peak optimism is long gone. Both US Services and Manufacturing PMI tumbled in August, beginning to catch down to ‘hard’ data’s reality.
US Manufacturing PMI dropped from 63.4 to 61.2 (below the 62.0 exp)
US Services PMI dropped from 59.9 to 55.2 (well below the 59.2 exp)
This double-whammy sent the composite PMI for US down to its lowest since Dec 2020…
And The Fed is going to taper into this?
Mon, 08/23/2021 – 09:55