ISM: Manufacturing sector grew in June
July 1, 2013
The manufacturing sector expanded in June following one month of contraction, according to the Institute for Supply Management. ISM’s closely watched composite index of manufacturing activity — known as the PMI — increased 1.9 points in June to 50.9%. An index level of more than 50% indicates growth.
Meanwhile, the two most important components of the PMI for freight shipments improved sharply in June, moving from contraction to expansion. The production index rose 4.8 points to 53.4%, and the new orders index climbed 3.1 points to 51.9%. Those indexes would suggest a near-term increase in freight shipments tied to manufacturing.
Of the 18 manufacturing industries, only four reported contraction in June: Textile mills, transportation equipment, chemical products and computer and electronic products.
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