Keeping you up to date on the latest data releases.
- ISM Manufacturing
The ISM’s Manufacturing Purchasing Managers Index (PMI) dropped from 53.5 in May to 49.7 in June. This is the first time since July of 2009 that the index is showing a contraction in manufacturing, which is indicated by an index level below 50. There was a large decrease in the new orders component, which fell from 60.1 to 47.8, a drop of 12.3 points. The production component also fell for the second consecutive month, going from 55.6 in May to 51.0 in June. Both the employment and inventories components also posted declines, dropping from 56.9 to 56.6 and 46.0 to 44.0, respectively, while the supplier deliveries component increased slightly from 48.7 to 48.9. The price index (which is not seasonally adjusted and does not enter into the overall PMI) fell 10.5 points to 37.0, reflecting a drop in the price of raw materials. This component has fallen 24.0 points over the last two months, and is at its lowest level since April of 2009.