The Institute for Supply Management's manufacturing index (ISM Index) dropped below 50% for the first time since July 2009. The June reading of 49.7% is a sign of contraction in the manufacturing sector. Readings over 50% indicate expansion... in manufactoring. The ISM Index is a national manufacturing index based on a survey of purchasing executives at roughly 300 industrial companies. It gets reported the first business day of each month for data for prior month. It is extremely timely and nearly always moves markets. It is the king of all manufacturing indices and is considered the single best snapshot of the condition of the factory sector.
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