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U.S. Upper Midwest factory growth picks up in June
June 30, 2017 / 1:03 PM / 5 months ago

U.S. Upper Midwest factory growth picks up in June

(Reuters) - A measure of factory activity in the U.S. Upper Midwest rose for the first time in three months in June, marking eight consecutive months of manufacturing growth in the region, a private survey released on Friday showed.

Marquette University and the Institute for Supply Management-Milwaukee said their seasonally adjusted index on manufacturing in the Milwaukee region rose to 58.68 from 57.22 in May. Back in March, the gauge reached 61.77, which was its the highest since November 2014.

A reading above 50 indicates regional factory activity is expanding.

The survey’s component on new orders, a proxy on future activity, edged up to 63.07 from 62.77 last month, but its production gauge fell to 61.46 from 65.43.

“Big orders came through due to marketing/sales pump up. However, getting concerned about capacity to continue to support higher demand,” the survey cited a respondent.

The overall employment index dipped to 65.17 from 65.57 in May. The survey’s measure on “blue collar employment” declined to 59.1 from 65.7, while its “white collar employment” gauge decreased to 55.3 from 57.0.

The six-month outlook gauge softened to 66.67 from 68.18 in May, but the survey’s price barometer rose to 73.91 from 72.73.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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