US manufacturing grew in June, exports and imports languish

July 2, 2020 – According to the latest Institute of Supply Management (ISM) Report On Business, economic activity in the manufacturing sector grew in June, with the overall economy notching a second month of growth after one month of contraction.

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“The June number signaled that manufacturing entered an expected expansion cycle after the disruption caused by the COVID-19 pandemic,” said Fred Baehner, IBNewsmag publisher.

Offsetting the rise in manufacturing, June new export orders continued contraction, but at a much slower rate, registering 47.6 in June, up from May’s dismal 39.5, according to the report.

Imports, too, showed a slowing contraction, rising to 48.8 in June, up from 41.3 in May. Any number below 50.0 registers as contraction.

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