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July 11, 2012
Manufacturing Sector Contracts in June
Economic activity in the manufacturing sector contracted in June for the first time since July 2009, as the PMI registered 49.7 percent, slightly below the 50 percent level that indicates growth. The overall economy grew for the 37th consecutive month, however, according to the latest Manufacturing ISM Report On Business from the Institute for Supply Management, Tempe, Ariz.
The PMI of 49.7 percent was a decline of 3.8 percentage points from May’s reading of 53.5 percent. Fabricated metals, primary metals and miscellaneous manufacturing were three of the seven industries reporting growth in June. Nine industries reported contraction.
The past relationship between the PMI and the overall economy indicates that the average PMI for January through June of 53 percent corresponds to a 3.5 percent increase in real gross domestic product. If the PMI for June is annualized, it corresponds to a 2.4 percent increase in real GDP annually, ISM says.
The New Orders Index dropped 12.3 percentage points in June, registering 47.8 percent, indicating contraction in new orders for the first time since April 2009.
ISM's Production Index registered 51 percent in June. Though a decrease of 4.6 percentage points compared to May, it indicates growth for the 37th consecutive month.
ISM's Employment Index registered 56.6 percent in June, slightly lower than the 56.9 percent reported in May, but the 33rd consecutive month of growth in employment.
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2012 Directory of Master Distributors
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