According to the most recent report from the Institute for Supply Management, economic activity in the manufacturing sector expanded in June for the fourth consecutive month, while the overall economy grew for the 85th consecutive month.
Bradley J. Holcomb, chair of the ISM’s Manufacturing Business Survey Committee, released the report and said that the June PMI came in at 53.2%, an increase of 1.9% from the May reading of 51.3%. Also increasing were the New Orders, Production, Employment and Inventories indexes, although Inventories are still contracting.
The New Orders index registered at 57%, up 1.3% from the May reading of 55.7%. The Production index rose 2.1% from May’s reading of 52.6% to a June reading of 54.7%. The Employment index surged past the expansion threshold and finished at 50.4%, up 1.2% from May’s reading of 49.2%. Meanwhile, Inventories enjoyed a 3.5% increase, but still came in at 48.5%. Any reading below 50% indicates contraction.
The Prices index was the only one of the ISM indices to register a decrease, falling from 63.5% in May to 60.5% in June.
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