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Economic Update: ISM Manufacturing Index
The ISM (Institute of Supply Management) Manufacturing index for June shows that the manufacturing sector of the U.S. economy contracted for the first time in 35 months.
The all-important index, which is a proxy for economic health, was reported at 49.7 in June. The reading was well below the consensus estimate for a reading of 52.4 and below May’s reading of 53.5 (April 54.8).
The index is designed to indicate the state of the manufacturing sector in the U.S. Readings above 50 are indicative of expansion while below 50 suggests contraction in the sector.
The Prices Paid component, which is a measure of inflation, came in at 37. This was well below last month’s reading of 47.5 (April: 61.0).
The New Orders component was 47.8 versus 60.1 in May.
The Employment Index was reported at 56.6, which was down from last month’s 56.9 (April: 57.3).
The Production component was reported at 51, which was above the last reading of 47.5 (April: 61.0).
Stocks have reacted negatively as this was a very big negative surprise. The S&P 500 dropped 6 points in less than 2 minutes. Stock indices are now down on the day.
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Other stories on the US Economy to review:
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University Of Michigan Sentiment Index Weak in June
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Chicago PMI Headline Better, But New Orders Sag
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US GDP Grew at +1.9% Rate in Q1
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Durable Goods Up for First Time in 3 Mos
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Richmond Fed Index Declines for Third Month
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Consumer Confidence Falls Again in June
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Case-Shiller Home Price Index Improves
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Chicago Fed National Activity Index Falls in May
-
Existing Homes Sales Fall But Prices Rises
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LEI Rises in May: Points to "Muddle Through"
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Philly Fed Plunges in June
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Flash PMI in US Shows Manufacturing Growth Slowing
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Housing Starts Down But Permits Up Strong
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Industrial Production and Capacity Utilization Below
Expectations
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Empire Manufacturing Disappoints in June
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CPI Declines in May
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Business Inventories Above Expectations in April
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Retail Sales Fall Across Board in May
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PPI Shows Inflation Fell at Producer Level in May
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NFIB Small Business Optimism Pulls Back
-
ISM Non-Manufacturing Index Above Expectations
-
Some Good News: Employment Trend Index Moves Up
- May Jobs Report Disappoints Big Time
S&P 500 - Intraday
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