8/2, 3:46 PM (Source: TeleTrader)
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US manufacturing activity at record high in July

United States Manufacturing Purchasing Managers' Index (PMI) stood at 63.4 in July,
representing an increase of 0.3 index points compared to the preliminary figure and 1.3 index points higher from the previous month's number, according to the report published by the IHS Markit on Monday. The July reading set a new data series record.

Strong upturns in output, new orders and employment were the main drivers of the record-setting expansion of the manufacturing sector activity, according to the report. On the other hand, supply chains issues led to a series-high rise in input costs, with manufacturers, in turn, raising their prices at the quickest pace documented.

IHS Markit Chief Business Economist Chris Williamson noted that the "output continued to lag well behind order book growth to one of the greatest extents in the survey's 14-year history, leading to a near-record build-up of uncompleted orders."

Breaking the News / MS