Economic activity in the U.S. manufacturing sector expanded in June for the 11th consecutive month while the overall economy grew for the 14th consecutive month, according to U.S. supply executives surveyed for the latest Manufacturing ISM Report On Business from the Institute for Supply Management.
The Electrical Equipment, Appliances & Components industry segment was one of the 13 (out of 18) manufacturing segments that reported growth in June.
This segment also reported June growth in:
• new orders
"The manufacturing sector continued to grow during June; however, the rate of growth as indicated by the PMI slowed when compared to May," said Norbert J. Ore, CPSM, C.P.M., chair of the ISM Manufacturing Business Survey Committee. "The lower reading for the PMI came from a slowing in the New Orders and Production Indexes. We are now 11 months into the manufacturing recovery, and given the robust nature of recent growth, it is not surprising that we would see a slower rate of growth at this time.
"The sector appears to be solidly entrenched in the recovery," Ore added. "Comments from the respondents remain generally positive, but expectations have been that the second half of the year will not be as strong in terms of the rate of growth, and June appears to validate that forecast."
The 13 manufacturing industries reporting growth in June, in order, were:
• Plastics and Rubber Products
• Transportation Equipment
• Printing and Related Support Activities
• Computer and Electronic Products
• Electrical Equipment, Appliances & Components
• Paper Products
• Fabricated Metal Products
• Food, Beverage and Tobacco Products
• Furniture and Related Products
• Petroleum and Coal Products
• Nonmetallic Mineral Products
• Miscellaneous Manufacturing
• Chemical Products
The industries reporting contraction in June were:
• Apparel, Leather & Allied Products
• Wood Products
The June PMI was 56.2%, a decrease of 3.5 percentage points when compared to May's 59.7%. A reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.
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