More Recession Red Lights Flashing: S&P PMIs Disappoint

Quick update: S&P released their Global Flash PMIs this morning - including the US Composite PMI. The July numbers were not good, coming in at 47.5, hitting a 26-month low and down from 52.3 in June.

New orders did expand during July following a contraction in June, but it was only a modest expansion. Overall, this is concerning deterioration in the overall US economy and may suggest we are either in are entering a tougher recessionary period than anticipated - all of which is coupled with rising inflation.

The political impact? One more hammer blow to Democrats trying to hold onto control of Congress in November.

You can access the full S&P report here.