U.S. manufacturing activity remained on a roll in July, expanding for the seventh consecutive month, according to the Institute for Supply Management.
The organization’s Manufacturing PMI registered 55.6% in July, which is its highest reading since May 2022, when it recorded 55.9%. The data were released Aug. 3.
A reading above 50% indicates activity is expanding; below 50% indicates contraction.
Among the subindexes that comprise the PMI, the employment index reading of 52.8% put this subindex in expansion territory for the first time in 33 months, according to Susan Spence, who chairs the ISM’s Manufacturing Business Survey Committee. Sixty percent of the survey panelists reported that their companies are hiring.
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