Keeping you up to date on the latest data releases.
- ISM Manufacturing
The ISM’s Manufacturing Purchasing Managers Index (PMI) continued to edge away from a recent high of 60.4 in April. The index slipped down an additional 0.7 index point in July to an index level of 55.5 (which is still above the diffusion index’s growth threshold for the manufacturing sector of 50), bringing the cumulative decrease over the last three months to 4.9 points. Much of the overall decline in July was due to decreases in the new orders and production indexes; falling 5.0 points and 4.4 points, respectively. Encouragingly, the employment index rose from a level of 57.8 in June to 58.6 in July, its eighth consecutive month above 50. Also, it seems manufacturers added inventories in July (albeit a slight accumulation), as the ISM's inventories index jumped up from 45.8 to 50.2.