US ISM Manufacturing PMI rose slightly from 46.0 to 46.4 in July, below expectation of 46.5. Looking at some details, new orders rose from 45.6 to 47.3. Production rose from 46.7 to 48.3. Employment dropped notably from 48.1 to 44.4. Prices rose from 41.8 to 42.6.
ISM said: “This is the ninth month of contraction and continuation of a downward trend that began in June 2022. That trend is reflected in the Manufacturing PMI®’s 12-month average falling to 48.3 percent.”
“The past relationship between the Manufacturing PMI® and the overall economy indicates that the July reading (46.4 percent) corresponds to a change of minus-0.8 percent in real gross domestic product (GDP) on an annualized basis.”
