- Prior was 55.9
Details:
- Prices paid 80.1 vs. 82.1 last month
- Employment 47.4 vs. 50.2 last month
- New orders 55.6 vs. 57.6 last month
- Production 56.1 vs. 54.5 last month
- Supplier deliveries 61.9 vs. 61.3 last month
- Inventories 47.5vs. 51.0 last month
- Backlog of orders 60.5 vs. 52.0 last month
- Exports 57.5 vs. 60.9 last month
- Imports 46.3 vs. 52.8 last month
This is a positive surprise as the service sector remains robust.
Comments in the report:
- “Supply chain and supplier reliability continues to improve for most of our key food and packaging needs. Equipment still (experiencing) typical long delays. Staffing employment challenges have resurfaced, and costs have dramatically increased on core needs, led by soybean oil products. Rise in diesel fuel affecting almost everything.” [Accommodation & Food Services]
- “(Interest) rate increases have slowed sales but have not helped with supply challenges yet.” [Construction]
- “While activity dropped 2 percent from the previous month, activity volume was 47 percent higher compared to May 2021.” [Educational Services]
- “It seems like everyone is jumping on the bandwagon (of) raising prices under the guise of inflation, cost of energy and shortages. Costs on even software renewals have gone up between 5 and 10 percent. This is getting out of control, and we need to be diligent in researching the cause of rising prices on every transaction.” [Public Administration]
- “The shutdowns in China due to the zero-COVID policy have adversely impacted our supply chain.” [Health Care & Social Assistance]
- “Demand has softened across consumer product lines, channels and brands over the last year, to levels below those forecast earlier this year. Adjusting all outlooks down for the rest of year. The (Shanghai) omicron slowdown had an impact, but activity is slowly coming back.” [Information]
- “Energy services sector demand and activity remains strong.” [Mining]
- “Consumers are shifting purchases away from our discretionary products to essentials. Inflation is definitely taking a bite from our sales, and mall traffic is far below the norm, potentially due to inflation, a need for more disposable income on essentials and less willingness to drive to malls. E-commerce sales will be going up again.” [Retail Trade]
- “Despite higher inflation and energy costs, demand and business activity continue to be at record highs, with little sign of a slowdown.” [Utilities]
- “Business continues to stay steady amid rising interest rates, a lack of labor, inflation , transportation problems and high gas/diesel prices. Outlook is measured due to economic headwinds.” [Wholesale Trade]