The nation’s manufacturing sector continues to contract, with June marking its fourth straight month of decline, according to the latest Manufacturing ISM® Report on Business®. The PMI came in at 49 in June, indicating contraction in the sector (a sub-50 PMI signals contraction, while a reading above 50 reflects growth). The Institute for Supply Management (ISM) says weak demand, falling backlogs and ongoing job cuts are all weighing on the industry this year.
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