US manufacturing just posted its sixth straight month of expansion, the longest growth streak the sector has managed in four years. The ISM Manufacturing PMI came in at 53.3% for June, down slightly from May’s 54.0% but still comfortably above the 50% threshold that separates growth from contraction.
The numbers behind the streak
The new orders index hit 56.0%, signaling that demand isn’t just holding steady, it’s accelerating. Six consecutive months of rising orders suggests this isn’t a dead cat bounce but something more durable.
Production came in at 52.2%, which is expansion territory but notably softer than the order flow would suggest. That gap between orders and output often points to capacity constraints or supply chain friction, both of which have been recurring themes for manufacturers navigating a tariff-heavy environment.
The prices index registered 73.0%, down from a scorching 82.1% in May. That’s still elevated, meaning manufacturers are paying more for inputs than they’d like. A nearly 10-point drop in a single month suggests inflationary pressures aren’t spiraling further upward.
