The manufacturing sector expanded for the sixth consecutive month in June, according to the Institute for Supply Management’s latest report on the sector. The PMI — formerly known as the Purchasing Managers’ Index — was 53.8, down from 56.0 in May. As long as the index is above 50, the manufacturing sector is growing. The decline from May, however, means that the growth in June was slower than the growth in May.
In addition to overall growth, ISM reported positive developments for the trucking industry in at least two other areas — growth in new orders for the eighth consecutive month and shrinking inventories for the 12th consecutive month. A rise in orders and a decline in inventories both would tend to point to future growth in freight activity related to manufacturing.
The June Manufacturing ISM Report On Business is available on the IMS website.
