The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in June was 46.3, dropping 2.1 points from May. Manufacturers reported a steep drop in new orders and demand due to inflation and high interest rates.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. IHS Markit and S&P Global merged in 2022. See S&P Global