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United States PMI June 2024

United States: Manufacturing PMI rises in June

The S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) rose to 51.6 in June from 51.3 in May. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month.

New orders rose for the second consecutive month in June, with the rate of growth accelerating. This uptick in demand encouraged firms to expand their production, although the pace of growth softened compared to May. Employment also saw a significant boost, recording the fastest increase in 21 months, as companies responded to higher output requirements and worked to reduce backlogs, despite some supply chain delays.

Input costs continued to rise sharply in June, albeit at a slower pace than in previous months. Selling prices increased at the slowest rate year-to-date, as some manufacturers lowered their prices in efforts to stay competitive. Business sentiment reached a 19-month low, reflecting concerns over sustained high prices, higher-for-longer interest rates, and uncertainty surrounding the economic outlook as the presidential election approaches.

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