ISM Points to Slowing Growth in July
By Metal Center News Staff
on Aug 2, 2019
Economic activity in the manufacturing sector expanded in July, but the trend of year-long slowing growth continued, reports the Tempe, Ariz.-based Institute for Supply Management in its latest Manufacturing Report on Business. The PMI for July was 51.2 percent, down 0.5 percentage points from the previous month.
Of the 18 manufacturing industries, half reported growth in July, though none closely tied to the metals industry. Fabricated metal products, primary metals, transportation equipment, appliances and miscellaneous manufacturing all reported contraction in July.
Other indices also saw growing growth, with the Production Index down 3.3 percentage points to 50.8 percent and the Employment Index down 2.8 percentage points to 54.5 percent. New Orders were up 0.8 percentage points to 50.8 percent.
The July reading of 51.2 percent corresponds to a 2.5 percent increase in real gross domestic product on an annualized basis, reports Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.