The first half of 2019 saw manufacturing output end up on the right side of growth, albeit at lower levels than at the beginning of the year, according to the most recent edition of the Manufacturing Report on Business issued by the Institute for Supply Management (ISM) today.
The report’s key metric, the PMI, dipped 0.4% to 51.7 (a reading of 50 or higher indicates growth), following 0.7% and 2.5% declines in May and April, respectively. The index has seen growth for 34 consecutive months, with the over all economy now having grown for 122 consecutive months. The June 2019 PMI IS 4.3% below the 12-month average of 56.0, with June’s marking the lowest reading during that span and is also the lowest PMI reading going back to October 2016.
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