Washington: U.S. manufacturing activity rose again in June as companies preemptively placed new orders in anticipation of shortages and higher prices, but factory employment hit a six-year low, blamed on rising operating costs related to the Middle East conflict.
S&P Global said its flash manufacturing PMI increased to 55.7 this month, the highest reading since May 2022, from 55.1 in May. A reading above 50 indicates growth in manufacturing, which accounts for 9.4% of the economy. Economists polled by Reuters had forecast the manufacturing PMI slipping to 54.8.
