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The uptick in manufacturing employment last month comes on top of some mixed manufacturing reports. The Institute for Supply Management reported last week that their reading on manufacturing PMI eased from 52.1 in May to 51.7 in June as weaker readings on manufacturing orders, deliveries, prices, and inventories were offset by employment and production growth:
Here’s what some of the ISM survey respondents had to say:
We’ve seen lackluster manufacturing reports in other key economies lately, including China. As we reported last week, the Caixin manufacturing PMI fell from 50.2 in May to 49.4 in June, falling below the 50 threshold separating expansion from contraction for the first time in 4 months. According to the IHS Markit press release, “June data highlighted a challenging month for Chinese manufacturers, with trade tensions reportedly causing renewed declines in total sales, export orders and production. Companies responded by reducing headcounts further and making fewer purchases of raw materials and semi-finished items. At the same time, selling prices were raised following another increase in input costs, though rates of inflation were negligible. Business sentiment was broadly neutral at the end of the second quarter, with firms mainly concerned about the US-China trade dispute.”
Of note on the trade front, the EU and Mercosur (Argentina, Brazil, Uruguay, Paraguay) have reached a trade deal to lower commercial barriers and reduce tariffs. Duties on EU exports to Mercosur countries are projected to be cut by $4.5 billion annually. This deal covers a market relationship of 780 million people. According to Eurostat data, the more commonly traded scrap commodities between these markets are corrugated/board and news grades of paper, stainless steel, copper, and aluminum.