It has already been a bad several weeks for economic data, but today's release of the ISM Manufacturing report for June only made matters worse. While economists were expecting a reading of 52.0, the actual reading came in at a much weaker than expected level of 49.7, which is the worst monthly reading in nearly three years (July 2009).
As shown in the table below, only three of the indicator's ten sub-components are currently above 50, and only two showed increases compared to last month's reading (Supplier Deliveries and Customer Inventories). Compared to one year ago, the subindices are also showing similar weakness, where Customer Inventories and Imports are the only two components that increased over the last year.
The charts below highlight the historical readings of each of the ISM Manufacturing sub components. As shown, most of these measures made multi-year lows in June. For example, Production, New Orders, Prices Paid, and Export Orders all showed their weakest readings since either April or May of 2009.
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