IHS Markit said its flash manufacturing purchasing managers index dropped to 50.1 in June from 50.5 in May, the worst reading since September 2009.
Meanwhile the flash services purchasing managers index in June fell to 50.7 from 50.9, the worst reading since March 2016.
Any reading above 50 indicates improving conditions. The flash estimate is typically based on approximately 85%–90% of total survey responses each month.
What happened: Private-sector output growth has lost momentum in each month since February, IHS Markit said. Production volumes barely rose, and respondents noted “greater risk aversion.”
Read the full story, "Manufacturing, services PMI slump to multi-year lows in June," at www.marketewatch.com.
- Related: Tariffs, tech, and your supply chain
- Related: Steely resolve: How U.S. manufacturers that rely on imported metals are coping with tariffs