FAST FIVE: US Manufacturing & Services Surveys Plunge "Deeper Into Likely Recession"
S&P Global US Manufacturing plunged from 50.4 to 47.6 (contraction), well below the 50.0 expectation.
Source: Bloomberg Contributing to the decrease in the headline manufacturing figure was a renewed fall in output and a sharper decline in new orders.
Panellists often stated that the impact of inflation and interest rates on customer disposable income had dented demand conditions.
“Companies are reporting increasing headwinds from the rising cost of living, tightening financial conditions – notably higher borrowing costs – and weakened demand across both home and export markets.
November even saw increasing numbers of suppliers, factories and service providers offering discounts to help boost flagging sales.