PMI Expansion Slows for Third Straight Month
The Institute for Supply Management (ISM) Manufacturing Index (PMI) slowed 0.4 to 51.7%, slightly beating the consensus forecast at 51.1. Worth noting, the prices index declined and imports posted at zero expansion.
|Indicator||Prior||Consensus Forecast||Forecast Range||Reading|
|ISM Manufacturing Index (PMI)||52.1||51.1||50.0 to 53.0||51.7|
The New Orders Index came in at 50%, a decline of 2.7 percentage points from the May reading of 52.7%. The Production Index rose 2.8 percentage points to 54.1%.
The Employment Index continued to rise to 54.5%, a gain of 0.8 from the May reading of 53.7%. The Supplier Deliveries Index fell 1.3 to 50.7% from a reading of 52% in May. The Inventories Index registered 49.1%, a decrease of 1.8 percentage points from the May reading of 50.9%. The Prices Index registered 47.9%, a 5.3-percentage point decrease from the May reading of 53.2%.
“Comments from the panel reflect continued expanding business strength, but at soft levels,” Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said. “June was the third straight month with slowing PMI expansion.”