US ISM factory PMI unexpectedly slips further in June

The slowdown in factory sector activity picked up last month, alongside faster declines in prices, the results of a closely followed survey revealed.

The Institute for Supply Management's manufacturing sector Purchasing Managers' Index slipped from a reading of 46.9 for May to 46.0 in June.

Economists had penciled in a slight improvement to 47.1.

A key sub-index for new orders did improve a tad, from 42.6 to 45.6, but at under 50 points continued to point to a contraction, albeit at a slower pace.

The sub-index for production retreated from 51.1 to 46.7.

That tracking the prices paid by firms meanwhile fell from 44.2 to 41.8.

Across sub-sectors, respondents were nearly unanimous in referencing a weaker outlook for demand.

The exceptions were purchasing managers in Fabricated Metal Products and Primary Metals spaces.

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