U.S. ISM manufacturing index rises sharply in June

U.S. ISM manufacturing index rose sharply in June. The manufacturing index recovered in the month to 60.2 from May’s 58.7, surpassing the consensus expectations. Readings above 60 on the ISM manufacturing index are fairly rare; though there have been 117 readings of 6p or better on the index in the 846 observations since January 1948, only 12 have occurred after 1985.

There was widespread strength in the primary subcomponents. Production supplier deliveries, new export orders and imports all recorded higher readings in May. In the meantime, new orders, inventories and employment generally unchanged. The sharp rise in the ISM manufacturing index in June mirrors the above-consensus reading for the Chicago PMI that was released last week and is in line with other incoming data that indicates towards strong growth in the second quarter activity, stated Barclays in a research report.

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