Manufacturers Report Second Month of Growth
A recent Institute for Supply Manufacturing (ISM) survey reported that more than half of U.S. manufacturers — 52.6% — reported their businesses grew in June. That’s an increase from May’s 43.1% and April’s 41.5%, indicating expansion in the overall economy for the second straight month after April’s contraction, ISM said.
“As predicted, the growth cycle has returned after three straight months of COVID-19 disruptions,” said Timothy R. Fiore, ISM chair. “Demand, consumption and inputs are reaching parity and are positioned for a demand-driven expansion cycle as we enter the second half of the year.”
The food, beverage and tobacco sector remains the best performing industry sector, followed by computer and electronic products and chemical products. Thirteen of the 18 manufacturing industries reported growth in June, while four industries reported contraction: transportation equipment, primary metals, fabricated metal products and machinery.