As US economic ‘hard data’ has collapsed in recent months, US manufacturing and services industries PMIs ‘soft data’ have both tumbled, and preliminary August data extended that streak with slower business activity growth reflected the weakest rise in new order volumes since December 2017.
US Manufacturing and Services PMIs miss expectations and drop for the 3rd month in a row…
The August 2018 Markit's PMI Services Index (flash) dropped 0.8 pps to 55.2, signalling a slowed rate of expansion. Weaker growth in client spending
contributed to a sustained fall in backlogs, while the rise in payroll numbers was the smallest for 8 months #pruss5015flashpmi pic.twitter.com/sU5mLnbcX9— pruss (@pruss5015) August 23, 2018
Companies can't pass thru costs:
"the survey also found increased cases of companies reporting the need to cut costs, in part reflecting the recent steep rise in raw material prices" – markit
— zerohedge (@zerohedge) August 23, 2018
New Home Sales in the Northeast plunge pic.twitter.com/Rkf7cbd9Wh
— zerohedge (@zerohedge) August 23, 2018
Another disappointment in a string of weakening data points for activity in August pic.twitter.com/tweOqKmbW6
— Not Jim Cramer (@Not_Jim_Cramer) August 23, 2018