US manufacturing expands again in June, but at slower rate than in May

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Economic activity in the U.S. manufacturing sector expanded in June for the sixth consecutive month to 53.3%, or 0.7 percentage point lower than May, according to the Institute for Supply Management’s latest Purchasing Managers’ Index.

The overall economy grew for the 20th month in a row, ISM reported. A figure below 50% indicates an industry in contraction.

The S&P Global U.S. Manufacturing PMI showed a slightly higher rate of expansion, registering 53.9, down from 55.1 in May.

Although “the ongoing war and price volatility” remain a concern, “the badness is better than last month,” Susan Spence, chair of ISM’s Manufacturing Business Survey Committee, said during a media call on Wednesday.