US Manufacturing PMI in July dropped to 3-month lows at 55.8, missing expectations by the most since Augiust 2013 as employment growth moderated to its slowest in 13 months. The 'excuse' this time – Russia and Gaza.
PMI tumbled…
and employment plunged…
Don't worry, we have an excuse for that:
“The one area of concern is the slacking pace of employment growth signalled by the survey, which suggests companies have become increasingly cautious about taking on new staff given growing uncertainties, such as the escalating situations in Russia and Gaza.
“With overseas worries likely to hit demand in key export markets, and exports having already stagnated in the past two months, overseas trade looks likely to continue to act as a drag on the US economy.“
via Zero Hedge http://ift.tt/1m5raOr Tyler Durden