The Institute for Supply Management (ISM) is reporting that its June monthly manufacturing index indicates a 17th straight month of economic contraction, but a continuation of indicated improvement in the economy. The ISM's number for June was 44.8, up from 42.8 in May, and the best index reading since August 2008; a reading below 50 indicates economic contraction. "Manufacturing continues to contract at a slower rate, but the trends in the indexes are encouraging, as seven of 18 industries reported growth in June," says Norbert J. Ore, chair of ISM's Business Survey Committee. "Overall, a slow recovery for manufacturing is forming based on the current trends in the ISM data." The seven industries that reported growth are: petroleum and coal products; printing and related support activities; wood products; nonmetallic mineral products; miscellaneous manufacturing; chemical products; and primary metals.
