Economic activity in the US manufacturing sector contracted in June for the third straight month, and the 19th time in the last 20 months, according to the latest ISM manufacturing report.
According to Timothy Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee, “Demand remains subdued, as companies demonstrate an unwillingness to invest in capital and inventory due to current monetary policy and other conditions. Production execution was down compared to the previous month, likely causing revenue declines, putting pressure on profitability. Suppliers continue to have capacity, with lead times improving and shortages not as severe.”
