The Institute for Supply Management’s PMI index jumped 4.5 points to 55.4 in July, its highest reading since June 2011. Growth was reported by 13 of the 18 manufacturing sectors responding. The ISM has indicated growth in six of seven months in 2013, albeit at a low level (any reading of 50 or higher indicates growth). Over the last five years the Index for Manufacturing has shown growth in all but two months, but both of those months occurred within the last year, May 2013 and November 2012. Production (+11.6), new orders (+6.4) and employment (+5.7) all increased, while inventories (-3.5), prices (-3.5) and backlog of orders (-1.5) were all down. See the full report at: http://www.ism.ws/ismreport/mfgrob.cfm
