US manufacturing activity slowed further in July, two separate reports out today confirmed that the inflation rally and ongoing disruptions in global supply chains continue to weigh on the sector.
In particular, the Institute for Supply Management (ISM) announced today that its index of the path of manufacturing activity at the national level fell to 52.8 last month, the lowest since June 2020, from 53.0 the previous month.
The index, however, exceeded the estimates of analysts who placed it at 52.0 points in a Reuters poll.
The corresponding S&P Global PMI also fell to a two-year low as output and new orders fell further in July.
In particular, the manufacturing PMI fell to 52.2 in July from 52.7 in June, missing the initial estimate of 52.3. The latest reading is the lowest in two years.
Source: Capital
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