Manufacturing Pace Eases in June as Orders Weaken
A gauge of U.S. manufacturing activity in June fell to its lowest level in two years as orders contracted, curbed by lingering supply and labor constraints and some softening in demand. An electronics industry measure of component sales also eased in June, falling into contraction territory for the first time since July of 2020.
The Institute for Supply Management’s PMI declined to 53 percent last month from 56.1 percent in May. New orders dropped nearly 6 points to 49.2, the lowest reading since May 2020 when the economy was recovering from the impact of Covid-19. Any reading above 50 indicates expansion.
