India, China and the UK also register above 50 percent for manufacturing PMI
The July ISM® Report On Business® gave a PMI reading of 52.8 percent for US manufacturers which was down from the June figure of 53.0 percent. This continued an overall downward trend for US manufacturing that dates back to October 2021. However, the reading meant the US sector stayed above the 50 percent line for the 26th straight month.
“Manufacturing performed well for the 26th straight month. There are signs of new order rates softening — cited in 16 percent of general comments, compared to 17 percent in June — as panelists are increasingly concerned about excessive inventories and continuing record-high lead times. Employment activity remained strongly positive in spite of the uncertainty with new order rates,” says Timothy R. Fiore, Chair of the ISM® Manufacturing Business Survey Committee.