PMI Sits at 59.5 Percent in July
By Metal Center News Staff
on Aug 3, 2021
Economic activity in the manufacturing sector grew in July, the 14th straight month of growth, reports the Institute for Supply Management in its latest Report on Business. The PMI in July was 59.5 percent, a decrease of 1.1 percentage points from the June reading.
Other indices also showed growth slightly slowing. The New Orders Index registered 64.9 percent, a 1.1 percent decrease from June, the Production Index dipped 2.4 percentage points to 58.4 percent; and the Prices Index fell 6.4 percentage points to 85.7 percent. The prior reading had been the highest it had reached in 42 years.
All of the six biggest manufacturing industries, including fabricated metal products, registered moderate to strong growth in July.
“Manufacturing performed well for the 14th straight month, with demand, consumption and inputs registering growth compared to June. Panelists’ companies and their supply chains continue to struggle to respond to strong demand due to difficulties in hiring and retaining direct labor. Comments indicate slight improvements in labor and supplier deliveries offset by continued problems in the transportation sector,” said Timothy Fiore, chair of ISM’s Manufacturing Business Survey Committee.