June PMI Shows Slowing Growth
By Metal Center News Staff
on Jul 8, 2019
Activity in the manufacturing sector expanded in June, though the growth rate continued to slow, reports the Institute for Supply Management, Tempe, Ariz. The PMI in June was 51.7 percent, down 0.4 percent from the May reading. The overall economy expanded for the 122nd consecutive month.
Miscellaneous manufacturing, appliances and components, and machinery were among the 12 manufacturing industries reporting growth in June. Fabricated metal products, primary metals and transportation equipment were among the industries reporting contraction.
The main indices represented a mixed bag in June. The New Orders Index registered 50 percent, a decrease of 2.7 percentage points from May. The Production Index increased 2.8 percentage points from May to 54.1 percent, and the Employment Index climbed 0.8 percentage points to 54.5 percent.
The June PMI corresponds with a 2.6 percent increase in real gross domestic product, says Timothy Fiore, chairman of ISM’s Manufacturing Business Survey Committee.