U.S. manufacturing slumped further in June, reaching levels last seen when the economy was reeling from the initial wave of the COVID-19 pandemic, according to a survey on Monday that also showed price pressures at the factory gate deflating.
Factories are resorting to laying off workers to manage headcounts, which ISM Manufacturing Business Survey Committee Chair Timothy Fiore said was "to a greater extent than in prior months," also noting that views about when "significant" growth would return were mixed.
The ISM's manufacturing PMI dropped to 46.0 last month, the lowest reading since May 2020, from 46.9 in May. That marked the eighth straight month that the PMI stayed below the 50 threshold, which indicates contraction in manufacturing, the longest such stretch since the Great Recession. Apart from the exorbitant borrowing costs, manufacturing is also being undermined by spending shifting to services from goods, which are typically bought on credit.
Stocks on Wall Street were trading higher. U.S. Treasury prices rose. The dollar was steady against a basket of currencies.The ISM survey's forward-looking new orders sub-index climbed to a still-subdued 45.6 from 42.6 in May amid increased caution from businesses and consumers alike.
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