Economic activity in the manufacturing sector expanded in June for the 13th consecutive month, and the overall economy grew for the 61st consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
Manufacturing expanded in June as the PMI registered 55.3 percent, a slight decrease of 0.1 percentage point when compared to May's reading of 55.4 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
"The PMI is essentially the same as last month," says Bradley J. Holcomb, CPSM, CPSD, chair of the ISM Business Survey Committee. "Fifteen of our 18 industries are reporting growth, which is great. Plus, all five of the supporting indexes that go into the PMI are well above 50, led by new orders."