U.S. manufacturing shrank in June for the first time in nearly three years, a troubling sign as evidence builds that economic growth is slowing.Recovery summer 4.0?
“This is not good. Not good at all,” said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage. While the report “does not mean recession for the broader economy, it is still a terribly weak number.”
Manufacturing, which has helped drive growth since the Great Recession ended, has begun to falter as the U.S. job market has fizzled and global growth has weakened.