June ISM PMI Report-Resumption of Growth in Manufacturing
The good news in todays ISM PMI report is that Manufacturing expanded in June as the PMI™ registered 50.9 percent, an increase of 1.9 percentage points when compared to May’s reading of 49 percent.
The bad news is that ISM’s Employment Index fell 1.4 percentage points to 48.7 percent in June, from 50.1 percent in May. The June decline indicates contraction in employment for the first time since September 2009. We attribute this to the upcoming implementation of the Affordable Care Act.