US PMI at 52.6%, manufacturing hits 14 month high
Washington : US Economic activity in the manufacturing sector grew in June with the overall economy notching a second month of growth. The manufacturing activities rebounded in June , hitting its highest level in more than a year. But, coronavirus pandemic threaten the recovery.
The Institute for supply management (ISM) said on Wednesday, its index of National factory activity jumped to a reading of 52.6 percent last month from 43.1 % in May. That was the strongest since April 2019 and three straight months of contraction.
A reading above 50 indicates growth in manufacturing , which accounts for 11% of the U.S economy .
The PMI figure indicates expansion in the overall economy for the second straight month after April contraction, which ended a period of 131 consecutive months of growth. The new order index registered 56.4% , an increase of 24.6 % points from May reading of 31.8%.
The Production index registered 57.3 percent , up 24.1% compared to the May reading of 33.2% .
According to report, The backlog of orders index registered 45.3% , an increase of 7.1% compared to May reading of 38.2%. The Employment index registered 42.1% , an increase of 10 percentage points from May reading of 32.1% . The Suppliers Deliveries index registered 56.9% , down 11.1 percentage points from may figure of 68%
The Inventories Index registered 50.5% , 0.1% higher than May reading of 50.4% . The Price Index registered 51.3% , up 10.3 percentage points compared to the May reading of 40.8%.
The New Export orders Index registered 47.6% , an increase of 8.1 percentage points compared to the May reading of 39.5 %. The Import Index registered 48.8 % ,a 7.5 percentage points increase from the May reading of 41.3% .
Read Also : Chinese brutality over Uighur Muslims