June manufacturing index is down slightly, reports ISM

Even with a miniscule sequential decline in its key metric, manufacturing still showed growth in June, according to the June edition of the Manufacturing Report on Business from the Institute for Supply Management (ISM).

The NMI, the ISM’s index to measure growth, dropped 0.1 percent to 55.3 in June (a PMI of 50 or greater represents growth). This is 0.2 percent above the 12-month average of 55.1. The PMI has grown in 17 of the last 19 months, with economic activity in the manufacturing sector expanding for the last 13 months as the overall economy was up for the 61st consecutive month.

Including the PMI, two of the report’s four key metrics were down and two were up in June. Production dropped 1.0 percent to 60.0, and new orders, often known as the engine driving manufacturing, rose 2.0 percent to 60.0 and showed growth for the 13rd straight month. Employment was flat at 52.8 while showing growth for the 12th straight month.

To read the complete story, please click here.

SC
MR