US ISM Manufacturing PMI dropped from 53.0 to 52.8 in July, above expectation of 52.0. Looking at some details, new orders dropped -1.2 to 48.0. Production dropped -1.4 to 53.5. Employment rose 2.6 to 49.9. Prices dropped sharply by -18.5 to 60.0.
ISM said: “”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.”
“The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI® for July (52.8 percent) corresponds to a 1.4-percent increase in real gross domestic product (GDP) on an annualized basis.”
