U.S. manufacturing activity surged for the fourth consecutive month in June, reaching a four-year high on front-loading orders, new data show.
The S&P Global US Manufacturing Purchasing Managers’ Index rose from 55.1 in May to 55.7 this month, the highest level since May 2022.
The PMI is a monthly measure of the sector’s prevailing economic direction. Any reading above 50 indicates expansion.
Markets had forecast June’s print coming in at 54.8.
Since the beginning of the war in Iran in late February, businesses have been bolstering their orders to avoid product shortages and mitigate rising price pressures.
U.S. manufacturing firms reported output growth at the fastest pace since July 2021, fueled in part by front-running potential supply chain issues and war-driven price hikes….