8/1/2023, 4:01 PM (Source: TeleTrader)
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ISM: US manufacturing activity rises slightly in July

Manufacturing activity in the United States fell for the ninth month in a row in July, according to a report by the Institute for Supply Management (ISM) on Tuesday. However, the manufacturing Purchasing Managers' Index (PMI) grew slightly from June, rising by 0.4 percentage points to 46.4% but remained below the 50% no-growth line. The New Orders Index stood at 47.3%, up 1.7 percentage points from June, and the Production Index improved by 1.6 percentage points to 48.3%.

"Of the six biggest manufacturing industries, only one, Petroleum & Coal Products, registered growth in July. Demand remains weak but marginally better compared to June, production slowed due to lack of work, and suppliers continue to have capacity. There are signs of more employment reduction actions in the near term to better match production output," ISM Manufacturing Business Survey Committee Chair Timothy Fiore said.

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