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U.S. manufacturing activity slows to two year low

U.S. manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years, signs that the economy was cooling amid aggressive monetary policy tightening by the Federal Reserve.
 
The Institute for Supply Management said its index of manufacturing activity fell to 53.0 in June from 56.1 in May, the lowest reading since June 2020. 
 
The index, which is based on a poll among manufacturers across the U.S., signals that activity in the sector expanded over the month as it is above the 50.0 point threshold that indicates growth.


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