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US Manufacturing Contraction Extends

“The U.S. manufacturing sector shrank again, with the Manufacturing PMI losing ground compared to the previous month, indicating a faster rate of contraction,” according to the monthly report from the Institute for Supply Management on June manufacturing activity.  The PMI dropped to 46.0 from 46.9 in May, its eight month in a row below 50 (a reading below 50.0 is consistent with contraction). “Demand remains weak, production is slowing due to lack of work, and suppliers have capacity. There are signs of more employment reduction actions in the near term,” the report added. All sub-indices of the PMI were in contraction, including the Prices Index, a sign that inflation may be moderating.  See the full report here.


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