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Manufacturing <br />66 <br />64 <br />62 <br />60 <br />58 <br />56 <br />54 <br />52 <br />50 <br />48 <br />46 <br />44 <br />42 <br />40 <br />Institute of Supply Management Purchasing Manager <br />Index <br />�4719 sPp19 OPc19 "-) ✓4��0 sPp�O OPc�O �dr� ✓4��1 <br />O 1 <br />Source: Institute for Supply Management <br />20.0% <br />15.0% <br />10.0% <br />v <br />Y 5.0% <br />0.0% <br />° -5.0% <br />-10.0% <br />-15.0% <br />-20.0% <br />Industrial Production <br />'"06 pia` <br />79 l9 l9 ')O '>O <br />Source: Federal Reserve <br />10 % I" 1 d1 <br />�O <br />The Institute for Supply Management (ISM) manufacturing index eased slightly to 60.6 in June from 61.2 in May. The index continues to point to <br />strength in manufacturing, as readings above 50.0 are indicative of expansion in the manufacturing sector. We believe a weaker US dollar has <br />been supportive of the US manufacturing sector during the pandemic, though the dollar index has been creeping higher since the end of May. <br />The Industrial Production index was up 16.3% year -over -year in May, versus up 17.6% in April. The year -over -year rates are distorted by the <br />effects of the pandemic last year. On a month -over -month basis, the Industrial Production index increased 0.8% in May, following a 0.1% <br />increase in April. Capacity Utilization increased to 75.2% in May from 74.6% in April but remains well below the long -run average of 79.8%. Chip <br />shortages continue to weigh on activity in the manufacturing sector. <br />10 C�" <br />19 <br />