Economy
July 5, 2022
ISM: US Manufacturing Grew at a Slower Pace in June
Written by David Schollaert
US manufacturing activity expanded at a much slower pace in June than in May. The employment, new orders, and prices paid indexes all fell month-on-month (MoM), according to the Institute for Supply Management (ISM).
June’s Manufacturing PMI fell to 53%, a 3.1-percentage-point decline compared to a reading of 56.1% in May. The measure came in weaker than the market expectation of 54.9%. The index reading above 50% indicates growth in the manufacturing sector. Despite June’s decline, the measure marks the 25th consecutive month of expansion since the Covid-19 outbreak in the spring of 2020.
