US ISM Manufacturing PMI dropped from 56.1 to 53.0 in June, below expectation of 55.0. That’s the lowest level since June 2020.
New orders dropped from 55.1 to 49.2. Production rose from 54.2 to 54.9. Employment dropped from 49.6 to 47.3. Supplier deliveries dropped from 65.7 to 57.3. Prices dropped from 82.2 to 78.5.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for June (53 percent) corresponds to a 1.5-percent increase in real gross domestic product (GDP) on an annualized basis.”
