PMI Gains Ground in July
By Metal Center News Staff
on Aug 3, 2020
The PMI surged to 54.2 percent in the July Manufacturing Report on Business from the Institute for Supply Management. The PMI represents growth in the manufacturing sector for the third-straight month after the sharp COVID-19-related declines earlier in the year.
The June PMI was 52.6 percent.
Other indices also showed growth in July, including the New Orders Index, which increased 5.1 percentage points to 61.5 percent; the Production Index, which was up 4.8 percentage points to 62.1 percent; and the Employment Index, which increased 2.2 percentage points to 42.1 percent.
Of the 18 manufacturing industries, 13 reported growth in July, including primary metals, appliances and components, and miscellaneous manufacturing. Fabricated metal products, transportation equipment and machinery were the three industries reporting contraction during the month.