US ISM Manufacturing index dropped to 51.2 in July, down from 51.7, missed expectation of 52.0. That’s also the lowest reading since August 2016.
Looking at some details: New orders rose 0.8 to 50.8. Production dropped -3.3 to 50.8. Employment dropped -2.8 to 51.7. Prices dropped -2.8 to 45.1.
ISM said that “Respondents expressed less concern about U.S.-China trade turbulence, but trade remains a significant issue. More respondents noted supply chain adjustments as a result of moving manufacturing from China. Overall, sentiment this month is evenly mixed”.
