Economic Report: Manufacturing grew at slowest pace in two years, ISM finds, in another sign economy is slowing

by | Jul 1, 2022 | Stock Market

The numbers: The Institute for Supply Management’s barometer of American factories fell to a two-year low of 53% in June. The ISM index dropped 3.1 points from 56.1% in May. The report cited high inflation as a big problem, but noted that price pressures eased for the third month in a row.

While any number above 50% signifies growth, the June reading was the weakest since June 2020. Economists polled by The Wall Street Journal forecast the index to total 54.3%.

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