July 6, 2016

Manufacturing Expands in June

Economic activity in the manufacturing sector expanded for the fourth consecutive month in June, reports the Institute for Supply Management in its most recent Report on Business. The PMI was 53.2 percent, an increase of 1.9 percentage points from May and the highest figure of the year. Any total over 50 percent represents growth in the manufacturing sector.

Of the 18 manufacturing industries tracked, 13 reported growth in June, including fabricated metal products, primary metals, machinery and miscellaneous manufacturing. Appliances and components and transportation equipment were among the industries reporting contraction in June.

Among other indices, the New Orders Index registered 57 percent, an increase of 1.3 percentage points from May, the Production Index increased 2.1 percentage points to 54.7 percent and the Employment Index was at 50.4 percent, 1.2 percentage points better than the previous month.

The PMI for June, if annualized would represent a 3.2 percent increase in real GDP annually, says Bradley Holcomb, chairman of the ISM’s Manufacturing Business Survey Committee. Additionally, the PMI for the first half of the year of 50.8 percent would correspond to a 2.4 percent increase in GDP.



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Tuesday, October 17, 2017