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8/1/2023, 3:45 PM (Source: TeleTrader)
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US manufacturing PMI improves in July

The manufacturing activity in the United States rose in July, S&P Global's report revealed on Tuesday, with the number in line with the market expectations.

Although below the 50-point mark and in contraction territory, the manufacturing Purchasing Managers' Index (PMI) increased from 46.3 recorded in June to 49.0 in July, indicating "a further but slower downturn in operating conditions at US goods producers."

According to the report, the decline was fueled by a further drop in incoming new orders from manufacturers. "Manufacturing continues to act as a drag on the US economy, the recent spell of malaise persisting at the start of the third quarter. However, producers are clearly shrugging off recession fears and planning for better times ahead," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said.

Baha Breaking News (BBN) / JG