The US PMI was still in a contraction zone (49) in June 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -1.2 - (6.2) = -7.4

Estimated Local Material: Inventories - Imports = 2.5 - (7.5) = -5

From the table above, the prices had increased further (69.7, +0.3) because of Trump's tariff.  Although the new export orders (46.3, +6.2) had increased significantly, the local new orders (est'd -7.4) had declined significantly simultaneously and caused new orders (46.4, -1.2) to decline.  This showed that the US consumer spending had weakened massively.

Thus, the producers increased their production just to deplete their backlog of orders (44.3, -2.8) and the overall PMI (49) still remained in the contraction zone (below 50) in June.  This latest PMI report doesn't bode well for the US economy because it shows that the US consumption is going to crash soon.