U.S. Manufacturing Slows for First Time in 33 Months
“The Purchasing Managers Index (PMI) registered 49.7 percent, a decrease of 3.8 percentage points from May’s reading of 53.5 percent, indicating contraction in the manufacturing sector for the first time since July 2009, when the PMI registered 49.2 percent,” according to Bradley J. Holcomb who issued the report on behalf of the Manufacturing Business Survey Committee.
Of the 18 manufacturing industries, seven reported growth in June, including: furniture and related products; printing and related support activities; fabricated metal products; miscellaneous manufacturing; electrical equipment, appliances and components; machinery; and primary metals.
The nine industries reporting contraction in June include: nonmetallic mineral products; apparel, leather and allied products; paper products; plastics and rubber products; chemical products; computer and electronic products; petroleum and coal products; food, beverage and tobacco products; and transportation equipment.
Click here to read the ISM Report on Business.