ISM gauge plunges
The closely-followed US ISM gauge was released today and it slowed from a reading of 46.9 in May to just 46.0 in June (a print of below 50 denotes contraction).
Source: Institute for Supply Management
This was the weakest monthly reading since the shuttered economy of all the way back in May 2020.
The prices component contracted faster still, dropping from 44.2 in May to 41.8 in June.
It's a clear indication that the battle against inflation is being won, with the balance of risks tilting somewhat further towards a recession.
