“June data highlighted a clear loss of momentum for the manufacturing sector, following the strong growth rates seen in recent months,” Markit Economics noted in its latest ‘IHS Markit Flash U.S. PMI,’ report.
Key quotes from the publication
- At 54.6, down from 56.4 in May, the seasonally adjusted IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index signalled the slowest improvement in overall business conditions since November 2017.
- Manufacturing production growth slipped to a ninemonth low, reflecting weaker gains in new business volumes in June.
- Strong demand for raw materials and stretched supply chain capacity continued to push up average input prices in June.
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