US manufacturing jumps for a second straight month
A measure of U.S. manufacturing activity surged in June likely as steel and aluminum tariffs caused disruptions to the supply chains, resulting in factories taking longer to deliver goods.
The Institute for Supply Management (ISM) said on Monday its index of national factory activity jumped to a reading of 60.2 last month from 58.7 in May. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.
“Demand remains robust, but the nation’s employment resources and supply chains continue to struggle,” said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. “Respondents are overwhelmingly concerned about how tariff-related activity is and will continue to affect their business.”
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