Courtesy of Mish.
Both the ISM and PMI manufacturing surveys ticked up slightly in June but the rest of the economic results today left little to cheer about.
Let’s take a look at both surveys starting with ISM.
The ISM bounced from last month’s 51.3 and a Bloomberg Econoday Consensus of 51.5 to 53.2.
Highlights
ISM’s sample is reporting significant acceleration to a level that is still, however, no more than moderate. The index easily beat expectations, at 53.2 in June and the best reading since February last year. New orders are especially solid, at 57.0 for a 1.3 point gain and the best reading since March. And export orders are keeping up, 1.0 point higher at 53.5 for the 4th straight plus-50 showing. Production is active, inventories may be on the climb, but employment is flat. A negative for profits but a plus for the inflation outlook is continued pressure in raw material costs. New orders are very closely watched in this report and the strength will lift expectations for June’s factory data.
Markit US Manufacturing PMI
Key Points
- Renewed rise in production volumes
- Sharpest increase in new business since March
- Moderate expansion of payroll numbers
Markit Manufacturing PMI June Final
