The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in June was 52.7, down 4.3 points from May. Manufacturers cited supply chain challenges, a decrease in new orders and increased costs as the reasons for the decline.
The PMI index is composed of five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth. IHS Markit and S&P Global merged earlier this year. See S&P Global