US national factory activity slipped to 60.6; Oil holds gains near $75 due to OPEC’s delayed decision on output
The Institute for Supply Management (ISM) released its index of national factory activity on Thursday. Last month the index landed at 60.6, which is the lowest since January. The number in May was 61.2. The slowed growth was due to a global shortage of semiconductors and raw materials, which have dragged down the production of motor vehicles and electronics. In the meantime, demand has been fueled by the reopening, with more than 150 million Americans now fully vaccinated. Consumers are expected to pay more for goods and services. DXY Index has slightly decreased by -0.03%, now trading at 92.57.
OPEC+ delayed its decision to increase oil output. The delay was because a key member blocked the deal at the last minute. Oil in New York holds gains overnight. Analysts believe that the situation could possibly lead to the decision not to increase output at all.