Here Comes US PMI...

REUTERS/Yuri Gripas

Markit Economics says US PMI fell to 51.9 in June.

Consensus was for 52.3. 

Prior was 52.2.

For Q2 as a whole the reading was 52.1, the lowest reading since Q3 2012.

“Manufacturing clearly down-shifted a gear between the first and second quarters, and is at risk of losing further momentum as we head into the second half of the year," Markit chief economist Chris Williamson said.

Employment was even uglier, he said:

The employment picture from the survey is the weakest for almost three-and-a-half years, consistent with
roughly 30,000 jobs being lost per month in the manufacturing sector. We will need to see a swift turnaround in this employment trend if the Fed’s projection of a drop in the unemployment rate to 7.0% by the end of the year is to be achieved.”

New export orders fell -3.5 points to 46.3, the sharpest decline rate since 2009.

Here's the full breakdown:

We've been following PMI data for the past 24 hours, and the story so far has been positive in Europe but negative in Asia.

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