The manufacturing sector expanded in July, and the overall economy grew for the 98th consecutive month, according to supply executives in the latest Manufacturing ISM Report on Business. The July PMI was 56.3 percent, a decrease of 1.5 percentage points from the June reading.
The New Orders Index registered 60.4 percent, a decrease of 3.1 percentage point from the June reading of 63.5 percent. The Production Index registered 60.6 percent, 1.8 percentage point lower than the June reading of 62.4 percent. The Employment Index registered 55.2 percent, a decrease of 2 percentage points from the June reading of 57.2 percent.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
Of the 18 manufacturing industries, 15 reported growth in July in the following order: Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Wood Products; Fabricated Metal Products; Machinery; Chemical Products; Paper Products; Food, Beverage & Tobacco Products; Printing & Related Support Activities; Computer & Electronic Products; Nonmetallic Mineral Products; Furniture & Related Products; Miscellaneous Manufacturing; Primary Metals; and Transportation Equipment.
Three industries reported contraction in July compared to June: Apparel, Leather & Allied Products; Textile Mills; and Petroleum & Coal Product.
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