U.S. ISM Manufacturing Contracts for Third Consecutive Month, Largest Price Index Drop in Over a Year

Analysts say U.S. manufacturing is still struggling. However, there is a bright spot with the new orders index rebounding.

Following the ISM data release, mid- and long-term U.S. Treasury yields rose at least 8 basis points. Earlier in the day, the Markit Manufacturing PMI showed a June final reading of 51.6. Unlike the ISM, S&P Global pointed out that input prices further increased significantly.