On Monday, the data released by ISM showed that dragged down by the fall in production, employment and input prices, the ISM manufacturing PMI in the United States shrank for eight consecutive months in June and hit a new low since May 2020.

The ISM manufacturing PMI in the United States in June was 46, which was lower than the expected 47.1, and 46.9 in May.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said: The health of the U.S. manufacturing sector deteriorated sharply in June, fueling fears that the economy could slip into a recession in the second half of the year. Adding to the gloomy outlook is a severe drop in demand for goods, with new orders falling at the fastest pace since the 2009 global financial crisis. Businesses reported that customers were becoming more cautious about spending due to rising costs of living, rising interest rates, growing concerns about the economic outlook and a shift in spending towards services.