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US manufacturing extends slump; inflation pressures ebbing
U.S. manufacturing contracted for a third straight month in June as demand remained subdued, while a drop in a measure of prices paid by factories for inputs to a six-month low suggested that inflation could continue to subside. The weakness at the end of the second quarter reported by the Institute for Supply Management on Monday was across the board, with ISM Manufacturing Business Survey Committee Chair Timothy Fiore describing manufacturers as demonstrating “an unwillingness to invest in capital and inventory due to current monetary policy and other conditions.” Manufacturing is being pressured by higher interest rates and softening demand for goods, though business investment has largely held up.
Reuters•
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