Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for June 2014:
Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).
The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the factory sector contracted.
Last month, the PMI was 55.4%.
The following is a sampling of quotes from a diverse pool of U.S. manufacturers:
Click here to view the complete ISM report
"...'Business volume is increasing at a good pace and consumers appear to be spending more.'
(Food, Beverage & Tobacco Products)
'The strength of the automotive industry continues to drive the high demand for steel.'
(Fabricated Metal Products)
'Business still very solid and strong — Class 8 Truck and RV.'
'Seasonal business remains strong.'
'Another strong month overall.'
(Computer & Electronic Products)
'Outlook is better. General uptick in our company's confidence.'
'Orders are picking up, but pricing has declined in last month. Not the norm for this time of year.' (Wood Products)
'Conditions are slightly more favorable than last year.'
(Printing and Related Support Activities)
'Business is picking up once again.'
'Business conditions are stable to improving.'
Labels: ism, manufacturing, pmi, purchasing_managers_index