In July, ISM's manufacturing PMI rose to 55.6, the highest since May 2022 and
the seventh consecutive month above the 50 expansion threshold. The production
index climbed to 58.5, its strongest level since late 2021, while the employment
indicator showed manufacturers added workers for the first time since September
2023. New orders recovered. All surveyed sectors expanded in July except
chemicals; printing, apparel and electrical equipment were among the gainers.
Momentum reflects robust consumer demand, solid business investment and
defense-related government spending.
