In the the last week the Institute for Supply Management released the surveys from both manufacturing and service businesses for the month of June.
These surveys indicate whether businesses are expanding, numbers over 50, or contracting, numbers under 50.
Manufacturing businesses rated at 53.3 for the month and service businesses 54 for the month. These numbers are higher than April, but lower than May, but still are a good indicator that economic growth is likely to seen when the official numbers are released in the next few months.
So, despite higher oil prices and low consumer confidence, customers continued to buy an increasing amount of goods and services from businesses, leading to economic growth and profits resulting in higher stock prices.
Thank you very much for taking time today to keep informed by listening to this post. We at Myers Capital Management wish you God’s blessing.
