The manufacturing ISM index fell slightly in June to 60.6 from 61.2 in May. The consensus was positioned at 60.9. However, the Institute for Supply Management’s (ISM) monthly survey shows that the US manufacturing industry continues to grow at a steady pace as the price index attached to the ISM index of prices paid has risen to 92, 1, a level never reached since the 1979 Iranian revolution and the oil crisis. Logistical challenges, high commodity prices, and shortages of various supplies continue to put pressure on manufacturers.
Construction spending for the month of May was also a negative surprise since it posted a drop of 0.3% compared to the previous month, against + 0.4% consensus and + 0.1% a month earlier.
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