There are few indicators that serve as a better barometer of the health of America’s manufacturing sector than the Institute for Supply Management’s New Orders Index. Each month the ISM surveys thousands of manufacturers, asking them if their latest month’s orders are up, the same, or down compared to the prior month.
For many years this measure has served as a useful barometer for the future of the manufacturing sector and the near-term direction of correlated measures tracking production, backlogs and supply chain activity.
Unfortunately, with so much attention being paid to inflation and employment in recent weeks little publicity was given to the June manufacturing activity figures.
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