U.S. manufacturing has declined to its lowest level in almost three years.
The Institute for Supply Management (ISM) released a survey finding manufacturing PMI to be below the 50 threshold, with some saying the data indicates a recession is impending.
Chief Economist at FHN Financial in New York Chris Low noted, “Manufacturing is pulling back, but the service sector was still chugging along in February.”
“As long as it remains well above 50 when reported on Wednesday, the broad economy should be just fine. Nevertheless, the health of manufacturing is related to the health of the overall economy,” Low continued.
Reporting from American Faith:
A recent survey conducted by Gallup has revealed that the majority of Americans view the current state of the economy in a negative light. In March, 83% of respondents described the economic conditions as “only fair” or “poor,” with only 16% considering them to be “excellent” or “good.” ... The survey measured Americans’ views on the economy through a combination of their rating of current economic conditions and their perception of the economy’s direction. The resulting Economic Confidence Index was -38, indicating a deeply negative sentiment towards the economy.