ISM: Manufacturing Economic Activity Contracts For Eighth Month Economic activity in the manufacturing sector contract- ed in June for the eighth consecutive month following a 28-month period of growth, say the nation’s supply execu- tives in the latest Manufacturing ISM Report On Business. The report was issued by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee: “The June Manufacturing PMI registered 46 percent, 0.9 percentage point lower than the 46.9 percent record- ed in May. Regarding the overall economy, this figure in- dicates a seventh month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 45.6 percent, 3 percentage points higher than the figure of 42.6 percent recorded in May. The Production Index reading of 46.7 percent is a 4.4-per- centage point decrease compared to May's figure of 51.1 percent. “The Prices Index registered 41.8 percent, down 2.4 percentage points compared to the May figure of 44.2 per- cent. The Backlog of Orders Index registered 38.7 percent, 1.2 percentage points higher than the May reading of 37.5 percent. The Employment Index dropped into contraction, registering 48.1 percent, down 3.3 percentage points from May's reading of 51.4 percent. The Supplier Deliveries In- dex figure of 45.7 percent is 2.2 percentage points higher than the 43.5 percent recorded in May. This figure, along with the previous seven, is the Supplier Deliveries Index's lowest reading in since March 2009 (43.2 percent). (Sup- plier Deliveries is the only ISM Report On Business index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy im- proves and customer demand increases.) “The Inventories Index dropped 1.8 percentage points to 44 percent; the May reading was 45.8 percent. The New Export Orders Index reading of 47.3 percent is 2.7 percentage points lower than May's figure of 50 percent. The Imports Index remained in contraction territory, regis- tering 49.3 percent, 2 percentage points higher than the 47.3 percent reported in May. “The U.S. manufacturing sector shrank again, with the Manufacturing PMI losing ground compared to the pre- vious month, indicating a faster rate of contraction. The June composite index reading reflects companies continu- ing to manage outputs down as softness continues and optimism about the second half of 2023 weakens. “Demand eased again, with the (1) New Orders Index contracting but at a slower rate, (2) New Export Orders Index moving into contraction and (3) Backlog of Orders Index remaining at a level not seen since early in the coro- navirus pandemic (May 2020). A potential bright spot: The Customers' Inventories Index dropped into 'too low' terri- tory, a positive for future production. CONTINUED ON PAGE 34
Board Converting NEWS INTERNET DIRECTORY
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32 July 10, 2023
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