But despite a slower growth rate, economic activity in the nation’s manufacturing sector expands for the 12th straight month
Economic activity in the manufacturing sector expanded in July for the 12th consecutive month while the overall economy grew for the 15th straight month, according to the latest manufacturing Report on Business, released today by the Institute for Supply Management.
Manufacturing growth in July declined 0.7% compared to June, registering a PMI of 55.5%. A reading above 50 indicates growth in the sector.
The report also showed improvement in employment, supply deliveries and inventories, which helped reduce the impact of a month-over-month deceleration in new orders and production, according to Norbert J. Ore, ISM’s Manufacturing Business Survey Committee chairman. New orders fell 5% in July and production fell 4.4%.
ISM’s July report also showed strong demand in 10 of 18 manufacturing industries surveyed: plastics and rubber products; miscellaneous manufacturing; paper products; electrical equipment, appliances and components; transportation equipment; primary metals; textile mills; computer and electronic products; fabricated metal products; and chemical products.