The June ISM Manufacturing index declined to 46, the lowest level since May 2020, compared to a consensus estimate of 47 and down from 46.9 in May.
This indicates a seventh consecutive month of contraction in economic activity within the manufacturing sector after a period of expansion lasting 30 months.
The U.S. manufacturing sector shrank again, with the Manufacturing PMI losing ground compared to the previous month, indicating a faster rate of contraction," Timothy R. Fiore, Chair of the Institute for Supply Management's Manufacturing Business Survey Committee, commented.
The Inventories index came in at 44, down from 45.8 previously, while Production declined to 46.7 from 51.1 and Supplier Deliveries rose to 45.7 from 43.5.
