Manufacturing activity slumped in June to a two-year low as new orders and employment contracted, the latest sign that the economy is weakening under the burden of high inflation, and tightening monetary policy.
The Institute for Supply Management’s index of manufacturing activity fell to 53 last month from 56.1 in May, according to dataReadings above 50 indicate ongoing expansion and readings lower indicate contraction. The June number indicates expansion has slowed and may be nearing a reversal.
Consumer spending rose just 0.2 percent in May, the Commerce Department said Thursday. Adjusted for inflation, consumer spending fell 0.4 percent. Spending on long-lasting goods fell by an unadjusted 3.2 percent from the prior month and 3.5 percent after inflation. Nondurable goods spending fell 0.6 percent after adjusting for inflation.than previously thought. On Wednesday, the Commerce Department said that consumer spending rose at a 1.8 percent annual rate, down sharply from the 3.
Supplier deliveries improved, suggesting that there was some relief on the supply-chain front. Prices increases slowed but remain at a historically fast pace, indicating inflation is still running very high.
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