US MANUFACTURING ACTIVITY AT FOUR-YEAR HIGH, SUPPLY CONSTRAINTS GROWING

U.S. manufacturing activity increased more than expected in May, hitting the highest level in four years, likely driven by businesses front-loading orders amid rising prices and shortages because of the war with Iran.

The Institute for Supply Management survey ​on Monday showed the three-month-old U.S.-Israeli war with Iran, which has virtually closed the Strait of Hormuz, was fracturing supply chains and threatening to undermine the manufacturing recovery.

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