U.S. Manufacturing Activity Expands in June at Slower Pace

Manufacturing activity in the U.S. expanded last month, however, employment declined for the first time in seven months, data showed on Thursday.

The manufacturing purchasing managers’ index (PMI) leveled down to 60.6 in June, from 61.2 in May, according to the Institute for Supply Management (ISM).

The PMI reached its lowest level since January, but continued to signal expansion, maintaining its level above 50, but slightly missing out on market expectations.

Meanwhile, the ISM employment index retreated to 49.9, from 50.9 in May.

The ISM manufacturing prices paid gauge surged to 92.1, setting a new record high.

The new orders index also decreased to 66.0 from 67.0 in the month before.