US economic growth slows sharply

(ABM FN-Dow Jones) Economic activity in the US service sector slowed more than expected in June and industrial growth slowed significantly. This was revealed by preliminary data from S&P Global on Thursday.

The preliminary services PMI fell from 53.4 to 51.6. 53.3 was expected here.

The manufacturing PMI deteriorated from 57.0 to 52.4. A much smaller drop to 56.0 was expected here.

The composite PMI thus fell from 53.6 in May to 51.2 in June, to its lowest level in five months.

“Growth has slowed sharply,” said Chris Williamson, an economist at Markit. He says the prospects are not favorable. He believes that the US economy may contract in the third quarter, as demand for goods and services fell sharply in June.

Index position greater than 50 indicates growth, while less than 50 indicates contraction.

Source: ABM Financial News

From Beursplein 5, Editors ABM Financial News Keep a close eye on developments on the stock exchanges, and the Amsterdam Stock Exchange in particular. The information in this column is not intended as professional investment advice or as a recommendation to make certain investments.

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