BIDEN ECONOMY: Business Activity Slumps as Manufacturing and Services Contract More Than Expected
The Mainstream media won’t tell you but the Biden economy is bad and getting worse.
The results for November’s PMI are not good. FXStreet reports:
The business activity in the US service sector continued to contract at an accelerating pace in early November with the S&P Global Services PMI dropping to 46.1 from 47.8 in October. This print missed the market expectation of 47.9.
“In line with weak demand, new business fell at a solid pace in November,” S&P Global elaborated. “The second successive monthly decrease in new orders was the sharpest seen since May 2020.”
The steepest downturn in the G4 during November was recorded in the US. The headline S&P Global flash US PMI Composite Output Index registered 46.3 in November, down from 48.2 at the start of the fourth quarter. The resulting rate of contraction signalled was the sharpest since August and among the quickest since 2009, adding to survey indications that the US is mired in a period of economic downturn despite recent upbeat official data.
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