US manufacturing PMI continues to decline in June
The data showed that the country’s manufacturing output in June stood at nine-month low due to a weaker growth in new business. However, inventories helped off-set largest decreases to be recorded.
The data revealed that new orders posted the slowest increase since September last year due to weak demand. Exports also posted a slight rise, which was attributed to the emergence of more competitive prices outside the country and the negative impacts of higher US dollars.
In addition, job creation stood at three-year low in June.
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