8/3/2020, 3:46 PM (Source: TeleTrader)
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US manufacturing activity grows in July - IHS Markit

Manufacturing sector activity in the United States improved in July compared to the previous month, according to the IHS Markit report released on Monday. The seasonally adjusted Manufacturing Purchasing Managers’ Index (PMI) landed at 50.9, increasing from 49.8 recorded in June but it was slightly lower than the previously released 'flash' estimate of 51.3. The figure was at its highest since January and in the positive territory for the first time since February.

Meanwhile, new orders rose for the first time since February in July and manufacturing production climbed only modestly in July, marking the first improvement on a monthly basis since February.

"Although indicating the strongest expansion of the manufacturing sector since January, the IHS Markit PMI remains worryingly weak. Much of the recent improvement in output appears to be driven merely by factories restarting work rather than reflecting an upswing in demand," Chief Business Economist at IHS Markit Chris Williamson commented on the results.

Breaking the News / GA