. The economic data dropped to 48.4 vs. the consensus of 48.5 and the former release of 49.0. The Institute of Supply Management cited that this is the lowest reading since May 2000.
The volume of manufacturing activities in the United States has dropped consecutively for the second month led by aggressive interest rate policy by the Federal Reserve for the entire CY2022. A spree of shrinkage in manufacturing activities has bolstered expectations of a further decline in inflation expectations. This might force Fed chairto wrap up tight monetary policy quickly and resume providing monetary support to firms for addressing their investment and expansion plans.
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