BIDEN ECONOMY: Business Activity Slumps as Manufacturing and Services Contract More Than Expected

The Mainstream media won’t tell you but the Biden economy is bad and getting worse.

The results for November’s PMI are not good. FXStreet reports:

The business activity in the US service sector continued to contract at an accelerating pace in early November with the S&P Global Services PMI dropping to 46.1 from 47.8 in October. This print missed the market expectation of 47.9.

“In line with weak demand, new business fell at a solid pace in November,” S&P Global elaborated. “The second successive monthly decrease in new orders was the sharpest seen since May 2020.”

Manufacturers are slowing in production due to the lack of demand. The lack of demand is related to high inflation. The 40-year-high inflation is related to Biden’s energy-killing policies that have moved America from energy independence to begging for oil overseas.

This energy-killing policy is insane based on the US having some of the greatest oil reserves in the world underfoot.

The US downturn is the worst of the G4 nations based on the data available:

The steepest downturn in the G4 during November was recorded in the US. The headline S&P Global flash US PMI Composite Output Index registered 46.3 in November, down from 48.2 at the start of the fourth quarter. The resulting rate of contraction signalled was the sharpest since August and among the quickest since 2009, adding to survey indications that the US is mired in a period of economic downturn despite recent upbeat official data.

The economy is bad and getting worse under Biden/Obama.

Inflation seems to be the economy killer and Biden appears to be happy with it being so high. We know this because he has never come out and confirmed what all of America is living through.

It doesn’t appear that Biden/Obama even wants to make the US economy better.

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Author: Joe Hoft