ISM Factory Index Shows Expansion in June

U.S. manufacturing activity showed expansion in June for the 11th straight consecutive month but dropped from may, the Institute for Supply Management said Thursday.

ISM’s monthly factory index fell to a reading of 56.2, from 59.7 in May, the group said. Figures of more than 50 indicate expansion, while below that show contraction.

The reading was lower than economists’ forecasts of a 59 reading, Bloomberg reported.

The ISM factory index measures manufacturing components of the economy.