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BREAKING: US manufacturing index collapses to lowest point in nearly 2 years as global stocks plummet


Manufacturing index

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(NaturalNews) In keeping with falling financial markets in the world's biggest economies – the U.S., Europe and China – American manufacturing is also taking a hit, as even adjusting economic figures seasonally, often used as an accounting trick by Uncle Sam to put lipstick on a pig, cannot hide the obvious.

As reported by Zero Hedge, a few weeks after the July ISM (Institute for Supply Management) manufacturing report measured its lowest since March, the Markit manufacturing PMI (Purchasing Managers Index) was also released, coming in at just 52.9, below the expected index of 53.8 and down from last month's 53.8, as you can see from the chart below.

"This was the lowest level since October 2013 and the biggest miss in
exactly 2 years, with output, new orders and employment all expand at
slower rates in August; Markit adds that 'Input cost inflation picks up
fractionally, but remains well below the survey average,'" Zero Hedge states.

image

Maybe it's the weather again

In addition, the report says that the latest rise in production volumes was actually the weakest since a "weather-related" manufacturing slowdown in January 2014.

"Perhaps someone can blame it on the record hot July," Zero Hedge wrote sardonically.

While some who responded in the survey blamed a cyclical slowdown in the growth of new businesses, along with increased uncertainty over the demand outlook in August, Zero Hedge notes that financial cable and network news broadcasters also cited experts who claimed that China's yuan devaluation and productivity slowdown would not hurt U.S. markets (it has).

"Just chalk it up to the latest thing the economists were wrong about," Zero Hedge wrote.

Continue reading the full article at Collapse.news.

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