US manufacturing activity falls, construction spending is at year low
The Institute’s manufacturing index fell 0.6% to a reading of 52.6 last month. Any reading above 50 indicates expansion in manufacturing which accounts for about 12 % of the U.S. economy. The index has now increased for five straight months.
Manufacturers reported a moderate deceleration in new orders and export order growth. Order backlogs, factory employment and inventories fell while destocking slowed. Manufacturers also stated that their customers still see inventories as being too high.
In a report prepared by the Commerce Department, it was stated that construction spending in June decreased 0.6% which is its lowest level since June 2015 after falling 0.1% in May. June is indicated as the third consecutive month of falls in expenses. Economists’ forecasts on construction spending were for an increase of 0.5% in June.
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