The ISM Manufacturing index recorded a 52.6 reading in June, better than the 49.5 that economists had expected.
More than half of U.S. manufacturers reported better-than-expected expansion in June, the first time that has happened since the coronavirus pandemic locked down the domestic economy.
The Institute for Supply Manufacturing survey showed that 52.6% of companies said their businesses are growing. That’s up from May’s 43.1% and a 41.5% trough in April that came a month after shelter-in-place orders took much of the nation’s productive capacity offline. productive capacity offline.
Economists surveyed by Dow Jones had been looking for a 49.5% reading.