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zerohedge.com / by Tyler Durden / Mar 24, 2017 9:51 AM
Following Europe’s surging PMIs (to six year highs), US data was extremely disappointing. Both Services and Manufacturing PMI disappointed, tumbling to the lowest levels since before the election. Simply put, the ‘soft’ data is converging back lower to the dismal reality of the ‘hard’ data.
Hope is hot in Europe…
And not in USA…
As Output slows dramatically..
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:
“The US economy shifted down a gear in March. A slowing in the pace of growth signalled by the PMI surveys for a second straight month suggests that the economy is struggling to sustain momentum. The survey readings are consistent with annualized GDP growth of 1.7% in the first quarter, down from 1.9% in the final quarter of last year.“The employment readings from the survey have also deteriorated, suggesting private sector hiring is running at a reduced rate of around 120,000 per month.
The post ‘Soft’ Data Slammed: US Services, Manufacturing PMIs Plunge To 6-Month Lows appeared first on Silver For The People.