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Financial News: U.S. Manufacturing Activity Grows At Notably Faster Pace

U.S. Manufacturing Activity Grows At Notably Faster Pace In June

07/03/2017 - 10:24:00 (RTTNews)

(RTTNews) - Activity in the U.S. manufacturing sector grew at an accelerated rate in the month of June, the Institute for Supply Management revealed in a report on Monday.

The ISM said its purchasing managers index climbed to 57.8 in June from 54.9 in May, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to inch up to 55.2.

The bigger than expected increase by the headline index came as the production index jumped to 62.4 in June from 57.1 in May and the new orders index surged up to 63.5 from 59.5.

The report said the employment index also rose to 57.2 in June from 53.5 in May, indicating a faster rate of growth in employment in the manufacturing sector.

"Comments from the panel generally reflect expanding business conditions; with new orders, production, employment, backlog and exports all growing in June compared to May," said Timothy R. Fiore Chair of the ISM Manufacturing Business Survey Committee.

Meanwhile, the ISM said the prices index tumbled to 55.0 in June from 60.5 in May, suggesting a slowdown in the pace of price growth.

The ISM is scheduled to release a separate report on Thursday on activity in the service sector in the month of June. The non-manufacturing index is expected to dip to 56.5 in June from 56.9 in May.

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