Manufacturing activity shrinks in June, ISM says
WASHINGTON (MarketWatch) — Manufacturing activity shrunk in June for the first time in three years as new orders dried up, according to a key report released Monday that points to a deteriorating U.S. economy.
The Institute for Supply Management’s manufacturing index fell to 49.7% from 53.5% in May, in the first reading below the 50% line indicating expansion or contraction since July 2009. Read “Recession now much more likely.”
The report was worse than the MarketWatch-compiled forecast of 52.3%.