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US manufacturing expansion slows, cost indicators decline
According to data released on Wednesday, the Institute for Supply Management (ISM) Manufacturing Index fell 0.7 points to 53.3, still remaining near a four-year high.
A reading above 50 indicates expansion in the sector, and the latest data also shows the industry is experiencing its longest expansion period since 2022.
The pace of increase in raw material purchase prices slowed significantly in June. The association's prices sub-index fell 9.1 points to 73, the largest single-month drop since July 2022; this came after a provisional agreement between the United States and Iran led to a sharp decline in oil prices.