Orders for the products of U.S. manufacturers fell for the second consecutive month in July, the latest sign that the economy has lost its footing.
1.2 percentage points to a score of 48, the second consecutive month below 50, the level that divides an expansion from a contraction. ISM’s overall barometer of manufacturing fell two-tenths of a percentage point to 52.8, the lowest figure since June of 2020 and an indication that growth has continued to slow.new orders for goods manufactured in the U.S. dropped for a second consecutive month. S&P Global’s broad index of manufacturing fell to 52.2 in July, down from 52.
The scores come from each company’s surveys of purchasing managers, executives responsible for procuring goods and services for resale or company use. They are thought to have particularly keen insights into business activities and prospects. The indexes are known as Purchasing Manager Indexes—or PMIs for short.
“With the exception of pandemic lockdown periods, July saw US manufacturers report the toughest business conditions since 2009. A growth spurt in the spring has quickly gone into reverse, with new orders for factory goods down for a second straight month in July, leading to the first drop in production for two years and sharply reduced employment growth,” said Williamson.
There was some apparent good news on the inflation front. While prices continued to rise in both surveys, they showed a slowing pace of inflation.
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