Economic Buzz: US manufacturing activity expands for seven months in row

Economic activity in the manufacturing sector expanded in July for the seventh consecutive month. The Institute for Supply Management or ISM Manufacturing PMI registered 55.6 percent in July, 2.3 percentage points above the June figure and the highest reading since May 2022. The overall economy continued in expansion for the 21st month in a row. The New Orders Index expanded for the seventh consecutive month after four straight readings in contraction, coming at 56.7 percent, up 0.7 percentage point compared to June's figure of 56 percent. The July reading of the Production Index (58.5 percent) is 6.3 percentage points higher than the 52.2 percent recorded in June and the highest figure since November 2021 (60.5 percent). The Prices Index also remained in expansion (or 'increasing' territory), registering 71.1 percent, a 1.9-percentage point decrease from June's reading of 73 percent.

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