US ISM Manufacturing PMI fell from 48.7 to 48.5 in June, missed expectation of 49.3. That’s the third month of contraction reading.
Looking at some details, new orders rose from 45.4 to 49.3. Production fell from 50.2 to 48.5. Employment fell from 51.1. to 49.3. Prices tumbled sharply from 57.0 to 52.1.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the June reading (48.5 percent) corresponds to a change of plus-1.7 percent in real gross domestic product (GDP) on an annualized basis.”
