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U.S. Manufacturing Index Rise to Record High in June as Services Drops

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U.S. Manufacturing Index Rise to Record High in June as Services Drops

The IHS Markit Flash Index of manufacturing activity grew in June at the fastest pace since 2007 as the U.S. economy eased pandemic restrictions.

Source: Bloomberg.

DJI dips -0.015.

PMI expanded for the fourth consecutive month to 62.6 from 62.1 in the previous month.

Services dropped to 64.8, though it remains close to record levels.

The PMI indicators reflect the positive growth of the U.S. economy in June, exemplifying the tremendous growth over the second quarter.

Factories are currently unable to meet the demand as they struggle with supplier delays, growth in input costs, and hiring challenges.

Sudden increase in material prices increases risks of contracting corporate profits, as manufacturers are passing some costs to the consumers.

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