US Manufacturing PMI Mocks MAGA—Lowest Level Since September 2009

“May saw US manufacturers endure the toughest month in nearly ten years, with the headline PMI down to its lowest since the height of the global financial crisis. New orders are falling at a rate not seen since 2009, causing increasing numbers of firms to cut production and employment

In our view, the peak in auto sales is clear,” Bank of America’s Michelle Meyer and Anna Zhou told clients recently……. with US sales slumping to 16.3 million — lower largely due to the ‘tsunami’ of used vehicles supply which depresses the prices of used vehicles (making them more attractive than new).”