US S&P Global manufacturing flash PMI 52.4 vs 56.0 expected

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• Prior was 57.5
• Services 51.6 vs 53.5 expected
• Prior services 53.5
• Composite 51.2 vs 53.8 prior

This is a sizeable miss and evidence of a quick slowdown in demand, though it’s still in positive territory (above 50).

S&P Global: “business confidence slumped to one of the greatest extents seen since comparable data were available in 2012, down to the lowest since September 2020.”