- Prior was +19.6
- New orders +3.5 vs +22.7 prior
- Shipments +8.6 vs +18.9 prior
- Prices paid +61.0 vs +62.6 prior
- Prices received +31.4 vs +31.8 prior
- Employment +9.6 vs +8.3 prior
- Supply availability -13.9 vs -10.7 prior (lowest since June 2022)
- Six-month outlook +30.1 vs +33.5 prior
The headline gave back fourteen points after May’s surprise pop. Activity is still expanding — 29% of firms saw conditions improve versus 23% who saw deterioration. New orders barely held positive in a sharp drop and shipments retreated. They’re still positive, so demand isn’t collapsing but that’s a disappointing reversal.
I’m not sure prices matter as much if the Iran peace holds but. Prices paid are basically pinned at 61.0 and prices received held at 31.4, which is a squeeze that won’t quit. There are more signs of pass-through as the future selling-price index jumped to its highest since 2022. Manufacturers that they intend to push tariff and war costs through to customers over the next six months.
Supply availability fell to its worst since June 2022 — supply chains tightening again. Employment expanded for a fifth straight month. So: weaker headline, firmer labor, worsening supply, and rising forward pricing power. N
This article was written by Adam Button at investinglive.com.