Economic activity in the US manufacturing sector grew in July, with the economy notching a 14th consecutive month of growth, the country’s supply executives said in the latest Manufacturing ISM Report on Business. Seventeen of 18 US manufacturing industries reported growth in July. The only industry reporting a fall in July compared to June was textile mills.
The report was released recently by the Tempe, Arizona-based Institute for Supply Management’s manufacturing business survey committee.Economic activity in the US manufacturing sector grew in July, with the economy notching a 14th consecutive month of growth, the country's supply executives said in the latest Manufacturing ISM Report on Business. Seventeen of 18 US manufacturing industries reported growth in July.The only industry reporting a fall in July compared to June was textile mills.#
The July manufacturing PMI registered 59.5 per cent, a decrease of 1.1 percentage points from the June reading of 60.6 per cent. This figure indicates expansion in the overall economy for the 14th month in a row after contraction in April 2020, an ISM press release said.
The new orders index was 64.9 per cent, decreasing by 1.1 percentage points from the June reading of 66 per cent. The production index registered 58.4 per cent, a decrease of 2.4 percentage points compared to the June reading of 60.8 per cent.
The prices index was 85.7 per cent, down by 6.4 percentage points compared to the June figure of 92.1 per cent, which was the index's highest reading since July 1979 (93.1 per cent).
The backlog of orders index registered 65 per cent, 0.5 percentage point higher than the June reading of 64.5 per cent. The employment index registered 52.9 per cent, 3 percentage points higher compared to the June reading of 49.9 per cent.
The supplier deliveries index registered 72.5 per cent, down by 2.6 percentage points from the June figure of 75.1 per cent. The inventories index registered 48.9 per cent, 2.2 percentage points lower than the June reading of 51.1 per cent.
The new export orders index registered 55.7 per cent, a decrease of 0.5 percentage point compared to the June reading of 56.2 per cent. The imports index registered 53.7 per cent, a 7.3-percentage point decrease from the June reading of 61 per cent.
Fibre2Fashion News Desk (DS)
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
