U.S. Manufacturing Index Dips But Still Indicates Growth In June
(RTTNews) - A report released by the Institute for Supply Management on Wednesday showed a modest decrease by its reading on U.S. manufacturing activity in the month of June.
The ISM said its manufacturing PMI dipped to 53.3 in June after rising to 54.0 in May, although a reading above 50 still indicates growth. Economists had expected the index to edge down to 53.9.
The slight pullback by the headline index came amid a slowdown in the pace of growth in production, as the production index fell to 52.2 in June from 54.3 in May.
The new orders index also dropped to 56.0 in June from 56.8 in May, while the supplier deliveries index slid to 57.4 in June from 60.6 in May.
The ISM noted the supplier deliveries index is inversed, with a reading of above 50 percent indicating slower deliveries, which is typical as the economy improves and customer demand increases.
Meanwhile, the report said the employment index climbed to 49.7 in June from 48.6 in May, but the reading below 50 still indicates contraction.
"Among panelists, 36 percent indicated that managing head counts remains the norm at their companies, while 64 percent are hiring — a near reversal of those numbers from the start of the year," said Susan Spence, Chair of the ISM Manufacturing Business Survey Committee.
The ISM also said the prices index tumbled to 73.0 in June from 82.1 in May, marking the largest decrease in the index since July 2022.
Next Monday, the ISM is scheduled to release a separate report on service sector activity in the month of June.
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