The July PMI report from the Institute for Supply Management (ISM) indicated contracting manufacturing activity again as the PMI fell a point to 48.0 (a reading below 50.0 is consistent with contraction). According to ISM, “Looking at the manufacturing economy, 79 percent of the sector’s gross domestic product (GDP) contracted in July, up from 46 percent in June. Notably, 31 percent of GDP is strongly contracting (registering a composite PMI® of 45 percent or lower), up from 25 percent in June.” Read the full report here.
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