With 'hard data' having deteriorated recently (except in the labor market), 'soft' survey data has been surprisingly strong (especially in the Manufacturing side of the economy).
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S&P Global's US Manufacturing PMI dipped from multi-year highs at 55.1 to 53.9 final in June (below the 55.7 expected).
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ISM Manufacturing also dipped from 54.0 to 53.3 (slightly below the 53.9 exp).
Both solidly above the '50' line suggesting growth...
Source: Bloomberg
Put simply: US manufacturing activity expanded for a sixth straight month in June as a war-driven surge in input costs eased.
Prices paid for raw materials, meanwhile, rose at a much slower pace in June.
The group's price measure dropped 9.1 points to 73, the largest single-month drop since July 2022, as an interim agreement between the US and Iran sent oil prices tumbling.
New orders growth moderated, but remained solid, while ISM's production gauge dropped to a six-month low.
Source: Bloomberg
“US manufacturers reported a further marked improvement in growth of output and order books in June, according to S&P Global’s PMI data," said Chris Willi
