US manufacturing has grown at its fastest rate in 17 months, says the ISM (Institute for Supply Management) in their new Purchasing Managers’ Index (PMI) report, a closely watched gauge of US manufacturing.
The PMI showed improvements for the third month straight in July, while still grappling with weak employment activity.
“The July PMI® registered 54.2 percent, up 1.6 percentage points from the June reading of 52.6 percent. This figure indicates expansion in the overall economy for the third month in a row after a contraction in April, which ended a period of 131 consecutive months of growth,” says Timothy R. Fiore, Chair of ISM’s survey committee.
Fiore pointed to survey comments as well as rising prices as signs of increasing industry confidence. The CEO of an electronics and computing firm commented that business had resumed “at nearly 100%.”
Imports and new export orders indexes also moved into growth territory in July.
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