TEMPE, AZ -- "Following a strong second quarter, the
manufacturing sector moderated somewhat this past month. In July,
manufacturing expanded at its slowest pace in the last four months, but
continuing strength in new orders and production indicate that third
quarter performance should still be quite good. Upward pricing
pressures, now in their seventh month, continue to be a major concern
for supply managers," said Norbert J. Ore, chair of ISM's
Manufacturing Business Survey Committee.
ISM (ism.ws) reported the July PMI was 53.8%. New orders were
57.5%, down 2.8 points from June. Production was also down, at 55.6%,
7.3 points lower than the prior month. Inventories, however, were up 3.2
points, at 48.5%, while customer inventories reached 51%, up 4 points
from June. Backlogs were down slightly, at 52%, 1.5 points lower than
June.
Economic activity in the manufacturing sector expanded in July for
the sixth consecutive month, while the overall economy grew for the 69th
consecutive month, says ISM.
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