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. 

 

 

 

 

Dear Reader - The enemies of freedom are choking off the Gateway Pundit from the resources we need to bring you the truth. Since many asked for it, we now have a way for you to support The Gateway Pundit directly - and get ad-reduced access. Plus, there are goodies like a special Gateway Pundit coffee mug for supporters at a higher level. You can see all the options by clicking here - thank you for your support!
Photo of author
Joe Hoft is a Radio Host at TNTRadio.live, Author, Former International Corporate Executive in Hong Kong for a Decade, and a Contributor at TGP since 2016. Joe is the author of five books, including his new bestseller, "The Steal: Volume II - The Impossible Occurs" which addresses the stolen 2020 Election and provides an inventory of issues that prove that the 2020 Election was uncertifiable and never should have been certified for Joe Biden.

You can email Joe Hoft here, and read more of Joe Hoft's articles here.

 

Thanks for sharing!