By Robert Hughes
The Manufacturing Purchasing Managers Index from the Institute for Supply Management registered a 51.7 percent reading in June, down 0.4 points from 52.1 in May. June was the third straight monthly decline and the lowest reading since October 2016 (see top chart). June was the 34th month in a row above the neutral 50 level and the 122nd above the 42.9 percent threshold, consistent with expansion in the overall economy. Comments from purchasing executives highlight policy concerns including trade wars with China and Mexico, rising tariffs, and uneven global growth