Economy
July 5, 2018
ISM Manufacturing Index Rises Despite Higher Prices and Shortages
Written by Sandy Williams
Manufacturers saw business rise in June at the fastest pace in four months. The ISM Manufacturing Index surpassed expectations by jumping to 60.1 percent from 58.7 percent in May. A reading above 50 indicates growth.
New orders expanded for the 14th consecutive month, but inventories remained too low for a fourth month as suppliers struggled to make timely deliveries. Backlogs of orders expanded for a third month along with lead times. Production expanded 0.8 percent, but shortage of qualified labor and supply chain disruptions continue to limit full production potential, said the Institute for Supply Management.
