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July PMI Registers 58.1%

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Economic activity in the manufacturing sector expanded in July, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz.

The July PMI registered 58.1 percent, a decrease of 2.1 percentage points from the June reading. 

Of the 18 industries that report to ISM, 17 reported growth in July, including appliances and components, fabricated metal products, machinery, transportation equipment and miscellaneous manufacturing. The only industry reporting a decrease in July is primary metals.

The New Orders Index registered 60.2 percent, a 3.3 percentage point decrease from June. The Production Index registered 58.5 percent, a 3.8 percentage point decrease from June. The Employment Index registered 56.5 percent, a 0.5 percentage point increase from June.

The July PMI, if annualized, would correspond to a 4.6 percent increase in real GDP, according to Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.

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