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US Manufacturing Growth Weakens to Two-Year Low as Orders Slump

  • ISM June purchasing managers index falls to 53; est. 54.5
  • New orders index contracts, sinks to lowest since May 2020
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Manufacturing Data Not Signaling Recession: ISM's Fiore
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A measure of US manufacturing activity weakened in June to a two-year low as new orders contracted, restrained by lingering supply constraints and some softening in demand.

The Institute for Supply Management’s gauge decreased to 53 last month from 56.1 in May, according to data released Friday. Readings above 50 indicate expansion. The figure was weaker than most economists’ estimates in a Bloomberg survey, which had a median projection of 54.5.