The Institute for Supply Management’s PMI Index indicates national manufacturing returned to growth in June after three consecutive months of contraction brought on by the Coronavirus/Covid-19 pandemic. The improvement is consistent with the re-opening underway in most states during the month, but does not reflect the potential impact of recent spikes in infection and hospitalization rates affecting large manufacturing states such as California and Texas. The PMI increased +9.5 points to 52.6 (a reading above 50.0 is consistent with growth). New Orders (+24.6 to 56.4) and Production (+24.1 to 57.3) led the resurgence as 13 of 18 manufacturing sectors reported growth. However, of the four sectors reporting contraction in June–Transportation Equipment, Primary Metals, Fabricated Metal Products, Machinery—the last two are particularly important in WNY. See the full report here.
