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Purchasing Managers Index: Difference between revisions
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==== Manufacturing ==== | ==== Manufacturing ==== | ||
The June Manufacturing PMIregistered 46 percent, 0.9 percentage point lower than the 46.9 percent recorded in May. Regarding the overall economy, this figure indicates a seventh month of contraction after a 30-month period of expansion. <ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/june/</ref> | The June Manufacturing PMIregistered 46 percent, 0.9 percentage point lower than the 46.9 percent recorded in May. Regarding the overall economy, this figure indicates a seventh month of contraction after a 30-month period of expansion. Seventy-one percent of manufacturing gross domestic product (GDP) contracted in June, down from 76 percent in May. More industries contracted strongly, however, as the share of manufacturing GDP registering a composite PMI calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 44 percent in June, compared to 31 percent in May. <ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/june/</ref> | ||
"The U.S. manufacturing sector shrank again, with the Manufacturing PMI losing ground compared to the previous month, indicating a faster rate of contraction. The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens. Demand eased again, with the (1) New Orders Index contracting but at a slower rate, (2) New Export Orders Index moving into contraction and (3) Backlog of Orders Index remaining at a level not seen since early in the coronavirus pandemic (May 2020). A potential bright spot: The Customers’ Inventories Index dropped into ‘too low’ territory, a positive for future production." | "The U.S. manufacturing sector shrank again, with the Manufacturing PMI losing ground compared to the previous month, indicating a faster rate of contraction. The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens. Demand eased again, with the (1) New Orders Index contracting but at a slower rate, (2) New Export Orders Index moving into contraction and (3) Backlog of Orders Index remaining at a level not seen since early in the coronavirus pandemic (May 2020). A potential bright spot: The Customers’ Inventories Index dropped into ‘too low’ territory, a positive for future production." | ||