U.S. June Manufacturing Output And Orders Improved Further, S&P Global Economist Says

U.S. manufacturing reported a further marked improvement in output and order growth in June, according to comments on the final S&P Global U.S. Manufacturing PMI. According to Jin10, S&P Global Chief Business Economist Chris Williamson said the sector’s growth momentum continued following the outbreak of the Middle East conflict. Williamson said employment was cut sharply as companies sought to offset rising energy and raw material costs. He added that supply chain delays and upward price pressures eased somewhat on news of improving conditions in the Middle East, but these issues were still widely cited. He also said business confidence fell significantly despite a recent pullback in energy prices and a more favorable shipping outlook. Williamson said the decline in sentiment partly reflected concerns that sales could be weighed down as war-related inventory-building activity comes to an end.