ISM: Manufacturing Grows in June

The U.S. manufacturing sector is gaining strength after months of contraction, say supply executives surveyed in the June Manufacturing ISM Report on Business. The June PMI jumped 9.5 points to 52.6 indicating an expansion in the overall economy for a second straight month.

“June signifies manufacturing entering an expected expansion cycle after the disruption caused by the coronavirus (COVID-19) pandemic,” said Timothy Fiore, chairman of the Institute for Supply Management. “Comments from the panel were positive (1.3 positive comments for every one cautious comment), reversing the cautious trend which began in March. The manufacturing sector is reversing the heavy contraction of April, with the PMI increasing month-over-month at a rate not seen since August 1980, with several other indexes also posting gains not seen in modern times.”