Editor's PiCK
US June ISM Manufacturing PMI at 49.0... Slightly Above Market Expectations
Summary
- The US June ISM Manufacturing PMI recorded 49.0, exceeding both the market forecast and the previous month’s figure.
- Although the Manufacturing PMI remains in contraction for four consecutive months, improvements in production and inventory have contributed to the upward movement of the index.
- It is reported that companies are expanding production but remain cautious about employment.
The ISM Manufacturing Purchasing Managers' Index (PMI) for June in the United States slightly exceeded expectations.
According to the manufacturing PMI report released by the Institute for Supply Management (ISM) on the 1st (local time), the June manufacturing PMI for the US stood at 49.0, surpassing both the expected value (48.8) and the previous month's figure (48.5).
The report stated, "The manufacturing PMI, after two months of expansion, has entered a contraction phase for four consecutive months." However, it also pointed out, "The overall US economy has maintained expansion for 62 consecutive months." Furthermore, "Improvements in production and inventory contributed to the month-over-month rise in the PMI," although, "while companies are increasing production, they remain cautious regarding employment."
ISM calculates the PMI based on a monthly survey evaluating manufacturing business conditions conducted across 400 companies in 20 industries. A PMI above 50 indicates more respondents expect business conditions to expand, while a reading below 50 means more expect a contraction.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
