Keeping you up to date on the latest data releases.
- ISM Manufacturing
The ISM’s Manufacturing Purchasing Managers Index (PMI) rebounded modestly in June—rising 1.8 index points to 55.3—after plummeting 6.9 points to 53.5 in May, perhaps reinforcing that some of the recent softness in manufacturing was tied to transitory factors. At a level of 55.3 the PMI is still indicating a manufacturing sector expansion, though at a somewhat slower pace than through the first quarter of this year (which averaged 61.1). All of the broad categories that comprise the PMI improved in June, with the largest improvement coming from inventories—which increased 5.4 points to 54.1 during the month. The employment index increased by 1.7 points to 59.9, though remains below April’s level of 62.7. The new orders and production indexes rose 0.6 points and 0.5 points, respectively in June. Also, the supplier deliveries index (which increases when delivery times slow), rose from 55.7 to 56.3 in June. The prices index (which is not seasonally adjusted and does not enter into the overall PMI) continued its recent decline, slipping from 76.5 in May to 68.0 in June, and is down 17.5 points from its level in April.