Terrible result, follows the poor results from official survey released earlier.
- Output and new work intakes decline for first time since January
- Renewed reduction in export sales
- Goods producers cutback input purchasing and payroll numbers
Comments
- the second lowest since June 2016
- clear contraction in the manufacturing sector
- subindex for new orders slid into contractionary territory, pointing to notably shrinking domestic demand
- new export orders returned to contractionary territory, but was better than the levels seen from last April to last December. Front-loading by exporters was likely to support this gauge as the China-U.S. trade relationship was under great uncertainty.
- output subindex fell into contractionary territory