TEMPE, AZ -- The PMI index of US manufacturing growth rose 180 basis points sequentially to 55.3% in June, the 23d straight month of expansion in the sector.

New orders and production were both modestly up from May, and employment showed continued strength with an increase of 170 basis points to 59.9%, said the Institute for Supply Management.

Price inflation slowed for the second consecutive month, dropping 850 basis points in June to 68% after a 900 basis points drop in May. It is the lowest figure since August 2010 when the index registered 61.5%.

"While the rate of price increases has slowed and the list of commodities up in price has shortened, commodity and input prices continue to be a concern across several industries," said ISM spokesman Bradley J. Holcomb.

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