ISM Manufacturing PMI slips in June amid shortages of materials, workers

• June ISM Manufacturing Index: 60.6 vs 61.0 expected and 61.2 prior.
• New Orders to 66.0 from 67.0; Production to 60.8 from 58.5; Employment to 49.9 from 50.9.
• Supplier Deliveries index fell to 75.1, down from 78.8 in May.
• Panelists reported that "their companies and suppliers continue to struggle to meet increasing levels of demand," said Timothy R. Fiore, chair of the Institute of Supply Management Manufacturing Business Survey Committee. "Record-long raw-material lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy."
• Worker absenteeism and difficulties filling open positions also limited the manufacturing growth potential, he said.