Analysts at ANZ offered a breakdown of the US data.
Key Quotes:
“The June US ISM manufacturing index rose to 60.2 vs 58.7 in May. It is the second highest reading this year. New orders were steady, employment dipped and production rose. But the main boost came from supplier delivery times, which rose to 68.2 (the second highest level since 1979). It is thought factories were scrambling for inputs ahead of the tariff introduction, which ISM reported the sector is worried about.”
Concerning:
“The June final manufacturing PMI for the euro area fell to 54.9 vs 55.5 in May. New orders fell to 53.2 vs 54.2, the lowest reading since August 2016, and the future output index fell to 60.7 vs 62.2. During the month, the PMI was lower in five of the 19 member states with the weight of Germany and France dominating. Export orders remained soft at 52.6.”
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