Manufacturing Sector Cools as ISM PMI Falls to 2-Year Low By Investing.com

Investors rethink recession plays, boosting U.S. stock market laggards

Manufacturing Sector Cools as ISM PMI Falls to 2-Year Low

Published Jul 02, 2022 00:22

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Manufacturing Sector Cools as ISM PMI Falls to 2-Year Low

By Geoffrey Smith

Investing.com -- The U.S. manufacturing sector extended a two-year run of expansion in June, but activity slowed as demand weakened, the Institute for Supply Management said on Friday.

The ISM's purchasing managers index fell to 53.0, its lowest in two years, and a sharper drop than analysts had expected. It nonetheless remained clearly above the 50 level that typically separates growth from contraction.

"The U.S. manufacturing sector continues to be powered — though less so in June — by demand while held back by supply chain constraints," ISM's Tim Fiore said in a statement.

He noted that respondents reported a drop in new orders and continued unease about high input prices. Concerns about prices appeared to ease for the third straight month, however, with the prices paid index falling more than expected to 78.5. While that's still high by historical comparison, it's comfortably below the high of 92.1 registered a year ago.

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