Editor's PiCK
US ISM Manufacturing PMI for July at 48.0, Below Market Expectations
Summary
- The US July ISM Manufacturing PMI was reported at 48.0, falling short of both market expectations and the previous month's figure.
- ISM stated that the weakening of supplier deliveries and employment indicators were key drivers of the PMI decline.
- With the PMI index showing 50 or below, there are stronger signals of contraction in the manufacturing sector.
The US ISM Manufacturing Purchasing Managers' Index (PMI) for July fell short of expectations.
According to the manufacturing PMI report released on the 1st (local time) by the Institute for Supply Management (ISM), the US manufacturing PMI for July came in at 48.0, below both the expected value (49.5) and the previous month's figure (49).
ISM analyzed that "the weakening of supplier deliveries and employment indicators had a major impact on the overall decline of the PMI."
ISM conducts a monthly survey of 400 companies across 20 industries to assess manufacturing activity and calculate the PMI index. A reading above 50 indicates more respondents expecting economic expansion, while a reading below 50 means more expect economic contraction.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
