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The Institute for Supply Management (ISM) manufacturing index increased to 57.8 in June from 54.9 in May, suggesting that <br />manufacturing activity is accelerating. The report was stronger than expected. Notably, a reading above 50.0 suggests the <br />manufacturing sector is expanding. However, capacity utilization, which is production divided by capacity, decreased to 76.6%in May <br />from 76.7%in April. The capacity utilization rate remains below the long-run average of 79.9% (1972-2016), suggesting there is still <br />excess capacity in the industrial sector. <br />Manufacturing <br />Source: Institute for Supply Management Source: Federal Reserve <br />46 <br />48 <br />50 <br />52 <br />54 <br />56 <br />58 <br />60 <br />Institute of Supply Management Purchasing <br />Manager Index <br />Expanding <br />Contracting <br />74.0% <br />75.0% <br />76.0% <br />77.0% <br />78.0% <br />79.0% <br />80.0% <br />Capacity Utilization <br />Rate (%)9218