ISM report indicates June growth in manufacturing

The June report from the Institute for Supply Management (ISM), released on Wednesday, said the U.S. has seen growth in the manufacturing sector for 30 consecutive months.

Out of 18 industries that fall under the manufacturing sector, 11 reported June growth in activity, including wood products, non-metal minerals, food, beverages, electrical equipment and appliances, among others.

Other areas also saw increases, with the largest overall manufacturing-sector growth percentage appearing in employment, which increased by 3.8 percent between May and June of this year, totaling 55.5 percent on the index rating.

While many industries saw growth and are seeing stable or improving conditions, the ISM reports that within food production, egg prices and availability were impacted by the avian influenza outbreak, and the oil and natural gas industries saw a negative impact from slumping prices at the end of 2014.

Overall, the Purchasing Managers Index (PMI) reports a value of 53.5, which is a 0.7 increase over the May  number.

Manufacturing-sector increases also were seen in new orders, production, inventories and customer inventories.

A PMI value over 50 percent indicates that the manufacturing sector is more than likely expanding, and a value under 50 percent can indicate a contraction. This month marks 73 months of consecutive growth for the economy as a whole.