The ongoing run of manufacturing declines continued in June, with output falling for the third consecutive month, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).
The report’s benchmark reading, the PMI, came in at 48.5 (a reading of 50 or higher indicates growth), down 0.2% from May’s 48.7, which was down 0.5% from April’s 49.2. April was off 1.1% compared to March’s 50.3 reading. March saw growth after a 16-month stretch of contraction—that was preceded by a stretch of 28 consecutive months of growth. ISM added that with May down, the PMI has contracted, at a faster rate, for three straight months, with the PMI not seeing growth in 19 of the last 20 months, with the overall economy growing, at a slower rate, for the 50th consecutive month.
The June PMI is 0.4% above the 12-month average of 48.1, with March’s 50.3 marking the high over that period, and July 2023 marking the lowest, at 46.5.
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