3 July 2023 (USA) Two major Economic Research Firms report lower Purchasing Manager levels. The Institute for Supply Management, which invented the Purchasing Managers Index (PMI), says that for the last six months, Managers have reduced buying the raw materials and components needed for manufacturing. It is the first stage of production and points to a slower economy ahead.
Standards and Poors, Markit using slightly different survey methods, also see their PMI slowing. Markit points directly to the lower level of demand as the primary cause.
Both firms report nearly identical levels of indexes at 46 and a fraction, well below 50 and above, that would indicate economic expansion.
https://www.pmi.spglobal.com/Public/Home/PressRelease/347746d7505243f8b84ca01657a4410a
