ISM Manufacturing PMI Falls to 53.3, Missing Forecasts in June

The latest data release showed U.S. manufacturing expanding at a slower pace than expected. The ISM Manufacturing PMI printed at 53.3 in June, below the 53.9 consensus and down from 54.0 in May. Earlier, the final S&P Global PMI came in at 53.9 versus a preliminary 55.7 and 55.1 in May, marking an 11th straight month of growth but at a three-month low. Both reports highlighted cooling momentum, with export orders declining for the 12th consecutive month and the fastest factory job losses since May 2020. Markets viewed the softer readings as modestly supportive for risk assets through reduced rate-hike pressure, though expansion persists.