CHECK OUT THIS REPORT! Economy In FREEFALL....
From Greg M
This is a report from from S&P Global on the US economy….
The U.S. economy contracted in July as manufacturing output dropped modestly and the service sector recorded a sharp decline in activity, data from a purchasing managers survey showed Tuesday.
The S&P Global Flash Composite Output Index fell to 45.0 in August from 47.7 in July. The rate of decline was the sharpest since the initial stages of the pandemic.
The downturn was led by a steep drop in service sector activity, although production at manufacturers also fell marginally.
The flash U.S. services PMI fell to 44.1 in August from 47.3 in July, missing the 49.0 consensus forecast from economists polled by The Wall Street Journal.
The U.S. manufacturing PMI fell to 51.3 in August from 52.2 in July, its lowest level in two years, signaling subdued operating conditions across the manufacturing sector.
I wonder if the rate of inflation is going to drop again since the COLA for SSI is calculated for the months is July, August and September? Hmmmm
AND!..... Its gone.