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Milwaukee business index nears expansion in June
SAN FRANCISCO, June 30 (Reuters) - Business activity in the Milwaukee, Wisconsin region recovered to a neutral level in June after 15 months of contraction, a report showed on Tuesday.
The Institute for Supply Management-Milwaukee's June business barometer rose to a seasonally adjusted 50 from 43 in May, its fourth consecutive monthly increase.
A reading below 50 shows contraction in Milwaukee's manufacturing-heavy economy, while one above 50 shows growth. June's activity was on the cusp. A year ago the index was at 39.
New orders increased a point to 48 from 47, and have climbed from 28 three months ago. Production surged 15 points to 53, and order backlogs were up 14 points to 46.
Supplier lead times held steady at 58, while inventory levels were down 9 points at 29. Capital equipment spending rose to 41 from 39.
Hiring was still soft. The index measuring the region's blue-collar employment held at 40, while white collar employment slipped by two points to 43.
The prices paid index rose 2 points to 52. Twelve components rose in price, two were steady and seven declined.
The biggest price increases were for aluminum, precious metals and electronics prices. Rubber products and stampings prices lead the decliners. (Reporting by Ros Krasny, Editing by Walker Simon)
