The US manufacturing activity showed a modest increase in the month of June, but contracted for the fourth consecutive month, the Institute for Supply Management (ISM) said in a report today, July 1.
The ISM said its manufacturing PMI crept up to 49.0 in June from 48.5 in May, although a reading below 50 still indicates contraction. Economists had expected the index to inch up to 48.8.
Meanwhile, the report said the new orders index fell to 46.4 in June from 47.6 in May, indicating the fifth straight month of contraction.
The employment index also slid to 45.0 in June from 46.8 in May, suggesting a continued decrease in jobs in the manufacturing sector.
The uptick by the headline index partly reflected a turnaround by production, as the production index jumped to 50.3 in June from 45.4 in May.
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