The US June Manufacturing PMI dropped by 0.6 percentage points to 60.6pc in June from 61.2pc in May, according to the Institute for Supply Management (ISM). Companies reported challenges in meeting strong demand due to transportation shortages, supply chain constraints, and rising commodity prices. Still, last month was the 13th consecutive month of growth since April 2020.
The New Orders Index declined by 1 percentage point to 66pc in June from 67pc in May while the Production Index rose by 2.3 percentage points to 60.8pc against 58.5pc. The Inventories Index climbed by 0.3 percentage points to 51.1pc last month against 50.8pc in May and New Export Orders rose by 0.8 percentage points to 56.2pc in June from 55.4pc in May.
The Price Index marked a robust increase of 4.1 percentage points to 92.1pc in June against 88pc in May. On inflationary prices, this was the highest reading since 93.1pc in July 1979.
The Backlog Orders Index fell by 6.1 percentage points to 64.5pc in June from 70.6pc in the previous month as the Supplier Deliveries Index declined by 3.7 percentage points to 75.1pc from 78.8pc in the same timeframe.