US manufacturing recession worsens as S&P Global, ISM PMIs further contract in June

The U.S. manufacturing recession is deepening, despite Bidenomics showing hundreds of billions of taxpayer dollars on the industry.

The latest data to kick off the holiday-shortened trading week definitely turned some heads.

But many experts say this is temporary until all the manufacturing projects come online.

Plus, other countries are experiencing similar trends, from the eurozone to China.

That said, here are the latest numbers in the U.S.:

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) eased to 46.3 in June, down from 48.4 in May.

The Institute for Supply Management’s (ISM) Manufacturing PMI fell to 46 last month, down from 46.9 in May. This was below the consensus estimate of 47.

New orders jumped, and manufacturing prices eased. But the biggest surprise was the sharp contraction in manufacturing employment in June.

“Demand remains weak, production is slowing due to lack of work, and suppliers have capacity. There are signs of more employment reduction actions in the near term,” said Timothy Fiore, Chair of the ISM, in a statement.

The June non-farm payrolls report should be an interesting one just for the manufacturing employment levels alone.