Posted July 1, 2011
ISM: Manufacturing expansion continues
Economic activity in the manufacturing sector expanded in June for the 23rd consecutive month, according to the latest Manufacturing ISM Report On Business.
The PMI registered 55.3 percent, an increase of 1.8 percentage points when compared to May's reading of 53.5 percent.
"New orders and production were both modestly up from last month, and employment showed continued strength with an increase of 1.7 percentage points to 59.9 percent," said Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The rate of increase in prices slowed for the second consecutive month, dropping 8.5 percentage points in June to 68 percent. This follows a similar reduction of 9 percentage points in the Prices Index in May, and is the lowest figure since August 2010 when the index registered 61.5 percent. While the rate of price increases has slowed and the list of commodities up in price has shortened, commodity and input prices continue to be a concern across several industries."
