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June ISM manufacturing: Softer pipeline cost pressures
研报英文原文证据摘录
June ISM manufacturing: Softer pipeline cost pressures
FICC Research
Economics
1 July 2026
US Economics
June ISM manufacturing: Softer
pipeline cost pressures
June ISM softened somewhat amid mixed component Marc Giannoni
readings, but remains in a range consistent with solid growth +1 212 526 9373
marc.giannoni@barclays.com
and gains in labor demand. Pipeline cost pressures softened BCI, US
following recent declines in energy prices, but remain Jonathan Millar
elevated by historical norms. +1 212 526 4876 jonathan.millar@barclays.com
BCI, US
The ISM manufacturing composite retreated 0.7pts in June, to 53.3, amid mixed readings Pooja Sriram
across major components. June's somewhat softer headline came in below expectations +1 212 526 0713
(Barclays: 54.5; consensus: 53.9), but remains well within the range that we regard as consistent pooja.sriram@barclays.com
with solid increases in manufacturing activity. The softer ISM headline was accompanied by a BCI, US
decline in the "final" June reading from the S&P Global US manufacturing PMI of 53.9, down Colin Johanson
1.8pts from the earlier "flash" print. +1 212 526 8536
colin.johanson@barclays.com
June's somewhat softer ISM reading reflected mixed movements across indicators, with BCI, US
declines in production, new orders, and supplier delivery times, partially offset by some
improvement in employment and inventory investment (Figure 1).
Cost pressures diminished in June, but remain elevated. June's prices paid index softened
9.1pts to 73.0, likely reflecting declines in energy prices during the month amid the discussions
(and June 17 signing) of the MOU to halt hostilities between the US and Iran. Responses would
have been collected from mid- to late-June, leaving plenty of time for that effect to be reflected
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