BCN-33 U.S. manufacturing sector slowdown in June: report

ZCZC

BCN-33

US-ECONOMY-MANUFACTURING

U.S. manufacturing sector slowdown in June: report

HOUSTON, June 23, 2018 (BSS/Xinhua) – The U.S. Purchasing Managers’ Index
(PMI) survey for June highlighted a clear loss of momentum for the
manufacturing sector, following the strong growth rates seen in recent
months, according to data released by the IHS Markit on Friday.

The seasonally adjusted IHS Markit Flash U.S. Manufacturing PMI registered
54.6 in June, down fractionally from 56.4 in May, signaling the slowest
improvement in overall business conditions since November 2017.

Adjusted for seasonal influences, the IHS Markit Flash U.S. Composite PMI
Output Index registered 56.0 in June, down only slightly from 56.6 in May, a
37-month peak. The latest reading signaled that private sector output
continued to expand at one of the fastest rates seen over the past three
years.

A robust rate of service sector growth helped to underpin the overall
upturn in private sector output during June.

At 56.5, down slightly from 56.8 in May, the seasonally adjusted IHS
Markit Flash U.S. Services PMI Business Activity Index posted its second-
highest reading since April 2015.

Commenting on the flash PMI data, Chris Williamson, chief business
economist at HIS Markit, said, “The flash PMI surveys add to evidence that
the U.S. economy is enjoying a strong second quarter. Despite growth cooling
slightly in June, the latest numbers round off the best quarter for three
years and suggest economic growth has lifted markedly higher than the 2.3
percent rate of expansion seen in the first quarter to well over 3 percent.”

London-based IHS Markit is a global company in critical information,
analytics and solutions for the major industries and markets that drive
economies worldwide.

BSS/XINHUA/HR/1440