US industrial activity is declining to its lowest level since 2020

The US manufacturing PMI fell to 46.0 points in June, compared to 46.9 points in May, which is the lowest reading since May 2020 and also the eighth consecutive month that the index remained below 50 points. The new orders index rose to 45.6 points in June, compared to 42.6 points in May, and the survey measure of prices paid by manufacturers fell to 41.8 points in June, compared to 44.2 points in May. Other data from the US Department of Commerce showed Spending on residential construction in the United States increased by 2.2% in May after declining by 0.9% in April, with investment in single-family housing projects increasing by 1.7%. This contributed to strengthening public spending on construction by 0.9% in May.