The ISM Manufacturing Index registered 52.6 points in July. Although the index was 0.6 points lower than in June, July’s reading marked the fifth consecutive month of growth in the manufacturing sector as readings above 50 indicate expansion. Of the eighteen manufacturing industries, eleven reported growth during the month.
The Employment Index fell 1 point to 49.4, indicating employment contraction. Seven industries including textile mills, printing and related support activities, and miscellaneous manufacturing reported contraction, while eight industries reported expansion.
The New Orders Index slipped 0.1 points to 56.9. Twelve industries reported growth in new orders including textile mills, manufacturing, and printing and related support activities. Five industries, including apparel and electrical equipment reported declines in new orders for the month.
Export orders fell 1 point to 52.5 in July. Eight industries reported growth in exports, while six industries including apparel, nonmetallic mineral products, and primary metals reported declines in export orders.
The Inventories Index increased 1 point to 49.5, indicating that raw materials inventories are contracting at a slower pace. July marks the 13th consecutive month of contraction in inventories.
Read the ISM release.