The U.S. manufacturing PMI, a key indicator of the U.S. economy, has continued to decline in June, marking the third consecutive month of slight contraction, industrial data showed Monday.
The U.S. manufacturing PMI registered 48.5 percent in June, down 0.2 percentage points from the previous month, according to the data issued by the Institute for Supply Management (ISM) on Monday.
A reading above 50 indicates expansion, while a reading below reflects contraction.
The ISM survey found that in June, activities in nine U.S. manufacturing industries, including textiles and electrical equipment, were in a state of contraction, while activities in another eight manufacturing industries, such as primary metals and chemical products were at an expansion level.
The institute said in a statement that in the first half of this year, the U.S. manufacturing industry continued to maintain a weak operating trend, and market demand remained weak and the investment intentions of many U.S. companies continued to be sluggish due to the Fed's tight monetary policy.
The enterprise production plan execution rate in June has dropped compared with May, which may lead to reduced corporate revenue and lower profits, according to the institute.
U.S. manufacturing PMI declines in June
