The continuous low readings in the PMI reinforce analysts' predictions of an impending recession for the economy this year.
After the announcement, gold prices pulled back from their peak during the day, and the August Comex gold futures
The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April
However, historical data reveals instances, such as the mid-1990s and the mid- and late-1980s.
If the reduction in cost burdens for manufacturers continues, it could potentially alleviate inflationary pressures.
This, in turn, may lead to a more moderate approach from central banks, easing their stance on monetary policy.
The increasing probability of the Federal Reserve hitting the pause button on monetary policy could have a negative impact on the U.S. dollar in the short term.
U.S. dollar may decline in the upcoming days as market participants try to anticipate and position themselves ahead of the anticipated actions by the Federal Reserve.
US home prices rose in March for the second month in a row