US ISM Manufacturing PMI dropped to 60.6 in June, down from 61.2, below expectation of 61.5. New Orders dropped from 67.0 to 66.0. Production rose from 58.5 to 60.8. However, Employment dropped from 50.9 to 49.9, back in contraction. Inventories rose from 50.8 to 51.1. Prices surged from 88.0 to 92.1, highest since July 1979.
ISM said: “The past relationship between the Manufacturing PMI® and the overall economy indicates that the Manufacturing PMI® for June (60.6 percent) corresponds to a 5-percent increase in real gross domestic product (GDP) on an annualized basis.”
