Posted August 1, 2022

Manufacturing index dips in July

The Institute for Supply Management's manufacturing Index registered 52.8 percent in July, down 0.2 percentage point from the reading of 53 percent in June.

This figure indicates expansion in the overall economy for the 26th month in a row after a contraction in April and May 2020. However, this is the lowest Manufacturing PMI figure since June 2020, when it registered 52.4 percent.

“The U.S. manufacturing sector continues expanding — though slightly less so in July — as new order rates continue to contract, supplier deliveries improve and prices soften to acceptable levels," said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee. "According to Business Survey Committee respondents’ comments, companies continue to hire at strong rates, with few indications of layoffs, hiring freezes or headcount reduction through attrition."

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