Manufacturing Sector Shrank In June, Report Signals
For the first time since July 2009 a gauge of how U.S. manufacturers are doing is signalling shrinkage in the factory sector.
The Institute for Supply Management says its June "PMI" index stood at 49.7, down from 53.5 and the first time in nearly three years that it wasn't above 50 — the line between growth in manufacturing (an above 50 reading) and contraction (below 50).
A subcategory of ISM's report — its measure of new orders — also fell below 50, to 47.8.
The Wall Street Journal says the report indicates "new demand crashed."
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