Posted August 1, 2018

Manufacturing expanded in July

Manufacturing expanded in July as the Institute for Supply Management's purchasing index registered 58.1 percent, a decrease of 2.1 percentage points from the June reading of 60.2 percent.

“This indicates strong growth in manufacturing for the 23rd consecutive month, led by continued expansion in new orders, production and employment. Inventories are expanding at a faster rate as a result of supplier deliveries improving compared to the prior month,” said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.

A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.