Factories in the United States and across the eurozone reported a decline in new orders for manufactured goods in May as they worked through their backlog of orders, according to recent business surveys released by data firm S&P Global. It’s unclear for how long those backlogs, which swelled in the early days of the pandemic, will sustain the industry globally. S&P Global data showed that the US manufacturing sector fell into contraction territory in May.
” Durable goods are often bought on credit Central banks are continuing their war on inflation. Rising interest rates tame inflation by cooling demand, eventually prompting banks to toughen their lending standards. In the United States, that has been the case, especially after the failures of three regional banks in the past few months. Credit conditions have also been tightening in the eurozone, more so after the forced merger of Swiss banks Credit Suisse and UBS.
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