US ISM Manufacturing Expands for Six Consecutive Months, Cost Index Declines

Data shows that the United States Institute for Supply Management (ISM) manufacturing index dropped by 0.7 points to 53.3, remaining near a four-year high. Meanwhile, the rate of increase in raw material payment prices slowed significantly in June. The association's price index plummeted by 9.1 points to 73, marking the largest single-month decline since July 2022, mainly due to a provisional agreement between the US and Iran that led to a sharp drop in oil prices. Growth in new orders slowed, but remained robust, while the ISM’s production index fell to a six-month low. ExpandRelated articles: The US ISM manufacturing sector has expanded for six consecutive months, with cost indicators declining