A strong ISM Report for June: The PMI Index increased 2.9 percent, New Orders Index up 4 percent, Production Index up 5.3 percent, and the Employment Index was up 3.7 percent over May.
Timothy R. Fiore, Chairman of ISM Manufacturing Business Survey Committee released this statement:
“The June PMI® registered 57.8 percent, an increase of 2.9 percentage points from the May reading of 54.9 percent. The New Orders Index registered 63.5 percent, an increase of 4 percentage points from the May reading of 59.5 percent. The Production Index registered 62.4 percent, a 5.3 percentage point increase compared to the May reading of 57.1 percent. The Employment Index registered 57.2 percent, an increase of 3.7 percentage points from the May reading of 53.5 percent… Comments from the panel generally reflect expanding business conditions; with new orders, production, employment, backlog and exports all growing in June compared to May and with supplier deliveries and inventories struggling to keep up with the production pace.”
The consensus for the ISM PMI was to be up slightly at 55.1; the 57.8 actual index strongly outperformed analyst expectations.
That out-performance also aligned with the sentiment indicators from PMPA’s own Business Trends Report from May which had 82% of respondents expecting sales of precision machined products to remain level or increase…
Here is the long term ISM PMI graph courtesy of the Calculated Risk Blog
We continue to remain optimistic about career opportunities in Precision Machining. The ISM numbers showed employment growth up 3.7% for manufacturing in June.
Strong Athlete Lifting Photo courtesy The Athlete Daily.