Economic Report: Manufacturing, services PMI slump to multi-year lows in June

A worker uses a power drill to assemblea round baler at the New Holland Ltd. Haytools plant in New Holland, Penn.

The numbers: IHS Markit said its flash manufacturing purchasing managers index dropped to 50.1 in June from 50.5 in May, the worst reading since September 2009.

Meanwhile the flash services purchasing managers index in June fell to 50.7 from 50.9, the worst reading since March 2016.

Any reading above 50 indicates improving conditions. The flash estimate is typically based on approximately 85%–90% of total survey responses each month.

What happened: Private-sector output growth has lost momentum in each month since February, IHS Markit said.

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