US Markit flash manufacturing PMI declines in June, however direction of manufacturing activity suggests a more positive signal

The US Markit manufacturing fell to 53.4 in the flash June estimate. The output index 53.9 led the decline in June, reaching its lowest level since January 2014. 

Readings on new orders 54.5 and employment 55.0 paint a more positive picture for the direction of manufacturing activity at the end of the second quarter. 

New export orders 50.0 stabilized in June after three consecutive months of contractionary readings. Supplier deliveries 50.2, stocks of purchases 50.9 and quantity of purchases 54.3,  were also modestly positive. 

Overall the details of the flash manufacturing PMI for June suggest a more positive signal than the headline index implies, through national manufacturing activity continues to remain subdued.