US ISM Manufacturing Index rose to 54.2 in July, up from 52.6, slightly above expectation of 54.0. The data suggests that manufacturing is staying in growth for the third month in a row, after a month of contraction in April. Looking at some details, new orders rose sharply to 61.5, up form 56.4. Production jumped to 62.1, up from 57.3. Prices also rose to 53.2, up from 51.3. Employment improved to 44.3, up from 42.1, but stayed in contraction.
Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee: “In July, manufacturing continued its recovery after the disruption caused by the coronavirus (COVID-19) pandemic. Panel sentiment was generally optimistic (two positive comments for every one cautious comment), continuing a trend from June.