Global Manufacturing PMIs Deflating, All Printed Below 50

Global manufacturing PMIs across China, Turkey, Italy, France, Germany, the Eurozone, the UK, Canada, and Brazil have all dipped below 50, indicating contraction. Despite the US’s positive economic data and the introduction of “Bidenomics,” the US manufacturing sector has also faced a contraction, with July’s PMI printing at 49.0. The ISM’s Manufacturing survey showed the rate of employment slowing rapidly and new orders continuing to decrease. These conditions are a far cry from the thriving economy promised under ‘Bidenomics’.