Manufacturing Activity Remained Weak in June. Tariffs Are to Blame.

Tariffs continue to weigh on a sluggish U.S. manufacturing industry.

The Institute for Supply Management’s Purchasing Managers Index, or PMI, came in at a reading of 49 in June, up from 48.5 in May. Economists surveyed by FactSet expected a reading of 49.1, so things were about as expected.

A reading above 50 indicates growth. The June reading is the fourth consecutive reading below that level. The January reading was positive at 50.9, snapping a streak of 26 consecutive months below 50, after all revisions, one of the worst streaks on record.