June ISM Manufacturing Report Shows Expansion
Wednesday, July 02, 2008
Press release from the issuing companyTempe, Arizona (July 01, 2008) — Economic activity in the manufacturing sector expanded in June following four months of contraction, while the overall economy grew for the 80th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The manufacturing sector showed a slight improvement in June as the PMI registered above 50 percent after four months of decline. While the PMI indicates minimal change is taking place month over month that is hardly the situation. When viewed from the manufacturer's perspective, they are experiencing higher prices for their inputs while demand for their products is slowing."
Performance By Industry
The nine industries reporting growth in June — listed in order — are: Printing & Related Support Activities; Paper Products; Computer & Electronic Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; Chemical Products; Primary Metals; Furniture & Related Products; and Fabricated Metal Products. The industries reporting contraction in June are: Wood Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Machinery; Nonmetallic Mineral Products; Apparel, Leather & Allied Products; and Plastics & Rubber Products.
What Respondents Are Saying ...
- "The shock waves from high crude price continue to put pressure on derivative pricing." (Chemical Products)
- "Business appears to have bottomed out." (Transportation Equipment)
- "Seeing renewed interest in outstanding quotes." (Machinery)
- "Volume is normal, and we are able to recover some of the raw material (steel cost) increases." (Fabricated Metal Products)
- "Commodity bubble is killing profitability." (Food, Beverage & Tobacco Products)
- "Orders have slowed, and prices for metals are going up." (Computer & Electronic Products)
The Full report can be viewed here:
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