The Institute for Supply Management shows expanding economic activity in the manufacturing sector for July. While the figure of 55.5 is down from June’s 56.2, this marks the 12th consecutive month that the manufacturing sector has expanded. The overall economy grew for the 15th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM “Report On Business."
The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. “Manufacturing continued to grow during July, but at a slightly slower rate than in June. Employment, supplier deliveries and inventories improved during the month and reduced the impact of a month-over-month deceleration in new orders and production. July marks 12 consecutive months of growth in manufacturing, and indications are that demand is still quite strong in 10 of 18 industries. The prices that manufacturers paid for their inputs were slightly higher but stable, with only a few items on the short supply list.”