New research reveals that the cost of nickel and stainless steel actually fell for US manufacturing businesses during June.
However, the latest Manufacturing ISM Report On Business from the Institute of Supply Management (ISM) went on to warn that commodities that increased in price included aluminum, caustic soda, copper, corn; natural gas, plastics, rubber and steel.
Commodities in short supply last month included capacitors; electric/electronic Components and rubber products. The report revealed that economic activity in the manufacturing sector expanded in June for the 23rd consecutive month, and the overall economy grew for the 25th consecutive month.
Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee, said: "The PMI registered 55.3 %, an increase of 1.8 % points from May, indicating expansion in the manufacturing sector for the 23rd consecutive month.
"New orders and production were both modestly up from last month, and employment showed continued strength with an increase of 1.7 % points to 59.9 %. The rate of increase in prices slowed for the second consecutive month, dropping 8.5 % points in June to 68 %.
Manufacturing continued its growth in June as the PMI registered 55.3 %, an increase of 1.8 % points when compared to May's reading of 53.5 %.
