The Institute for Supply Management said on Tuesday that its manufacturing PMI edged up to 46.4 last month from 46.0 in June, which was the lowest reading since May 2020
U.S. manufacturing appeared to stabilize at weaker levels in July amid a gradual improvement in new orders, but factory employment dropped to a three-year low, suggesting that layoffs were accelerating.
While the ISM survey continues to offer a grim assessment of manufacturing conditions, so-called hard data suggest the sector is shuffling along. Data from the Federal Reserve last month showed factory production rebounded in the second quarter, ending two straight quarterly declines. The ISM survey’s forward-looking new orders sub-index increased to 47.3 in July. That was the highest reading since October 2022 and was up from 45.6 in June.
According to the ISM, the delivery performance of suppliers to manufacturing firms has been faster for 10 straight months. Goods disinflation is helping to dampen price pressures in the economy, with annual inflation decelerating sharply in June.
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