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The manufacturing sector grew in June, according to supply executives in the latest Manufacturing ISM Report on Business.
The June PMI was 55.3 percent, a decrease of 0.1 percentage point from May's reading of 55.4 percent, indicating expansion in manufacturing for the thirteenth consecutive month. The New Orders Index registered 58.9 percent, an increase of 2 percentage points from the 56.9 percent reading in May, indicating growth in new orders. The Production Index registered 60 percent, 1 percentage point below May.
Employment grew for the twelfth consecutive month, registering 52.8 percent, the same level as reported in May. The Supplier Deliveries Index registered 51.9 percent, 1.3 percentage points below May.
Comments from the panel reflected generally improving business conditions, with a strong outlook for the months ahead.
Of the 18 manufacturing industries, 15 are reporting growth in June in the following order: Furniture & Related Products; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Machinery; Fabricated Metal Products; Computer & Electronic Products; Transportation Equipment; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Apparel, Leather & Allied Products; Wood Products; Printing & Related Support Activities; Petroleum & Coal Products; Primary Metals; and Paper Products.
The three industries reporting contraction in June are: Textile Mills; Chemical Products; and Plastics & Rubber Products.
“The June report from the Institute for Supply Management is the latest data release to reveal that U.S. factory sector growth has been moderate and will likely remain moderate for the balance of 2014 and into 2015,” said Cliff Waldman, senior economist for the Manufacturers Alliance for Productivity and Innovation.
For more information, visit www.ism.ws.