According to the Institute for Supply Management (ISM), “In July, U.S. manufacturing activity remained in expansion territory, growing at its fastest rate in more than four years.” ISM’s closely-watched PMI climbed 55.5, its highest reading in over four years (a reading above 50.0 is consistent with expansion). Every subindex was also up, with the exception of Customers’ Inventories, which fell to 40.7 in July from 42.3 last month. Prices continued to expand, but at a slower rate, falling to 71.1 from 73.0 in June. Nevertheless, 62% of respondent comments were negative, citing price volatility (57%), Iran (43%), increasing lead times (22%) and tariffs (18%). See the full report here.
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