Svmuu News: Driven by companies placing orders in advance to prevent shortages and price hikes, U.S. manufacturing activity expanded again in June, but factory employment fell to a six-year low, primarily due to rising operating costs caused by the conflict in the Middle East.
The preliminary S&P Global Manufacturing PMI for the U.S. in June rose to 55.7 from 55.1 in May, reaching its highest level since May 2022, while economists surveyed by Reuters had previously expected the index to fall to 54.8. The rise in the manufacturing PMI, combined with the preliminary services PMI rising from 50.7 in May to 51.3, collectively drove the composite PMI output index up from 51.5 last month to 52.2. The rebound in the services PMI was partly attributed to the World Cup co-hosted by the United States, Canada, and Mexico. (Jin Shi)