- ISM Manufacturing for June rose to 56.0 versus estimates of 55.0 and a reading of 55.0 in May.
- ISM Prices Paid for June fell to 68.0 versus estimates of 69.1 and a reading of 71.0 in May.
BOTTOM LINE: Manufacturing growth in the US accelerated last month to the highest level in 14 months, boosted by an increase in production and new orders, Bloomberg reported. The Prices Paid component fell to 68 from 71 the prior month. The New Orders component rose to 60.3 from 59.6 prior. The Inventory component of the index fell to 45.3 versus 46.1 the prior month. I continue to believe manufacturing helped to boost US growth to 3%+ last quarter. As well, the prices paid component has likely peaked for the year already.
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