Economic activity in the US manufacturing sector grew in June, with the overall economy achieving a 25th consecutive month of growth, according to the most recent Manufacturing ISM Report On Business.
The June Manufacturing PMI registered 53 percent, down 3.1 percentage points from the reading of 56.1 percent in May. This figure indicates expansion in the overall economy for the 25th month in a row after a contraction in April and May 2020. This is the lowest Manufacturing PMI reading since June 2020, when it registered 52.4 percent. Index breakdown:
Index | June level | May level |
New Orders | 49.2 | 55.1 |
Production | 54.9 | 54.2 |
Prices | 78.5 | 82.2 |
Backlog of Orders | 53.2 | 58.7 |
Employment | 47.3 | 49.6 |
Supplier Deliveries | 57.3 | 65.7 |
Inventories | 56 | 55.9 |
New Export Orders | 50.7 | 52.9 |
Imports | 50.7 | 48.7 |
Fifteen manufacturing industries reported growth in June, in the following order: apparel, leather and allied products; textile mills; printing and related support activities; computer and electronic products; machinery; electrical equipment, appliances and components; primary metals; nonmetallic mineral products; plastics and rubber products; transportation equipment; fabricated metal products; miscellaneous manufacturing; petroleum and coal products; food, beverage and tobacco products; and chemical products.
The three industries reporting contraction in June compared to May are: paper products; wood products; and furniture and related products.