US ISM Manufacturing dropped from 60.6 to 59.5 in July, below expectation of 60.8. ISM said “the past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for July (59.5 percent) corresponds to a 4.7-percent increase in real gross domestic product (GDP) on an annualized basis,”
Looking at some more details, new orders dropped from 66.0 to 64.9. Production dropped from 60.8 to 58.4. Employment rose from 3.0 to 52.9. Supplier deliveries dropped from -2.6 to 72.5. Prices dropped -6.4 to 85.7.
