ISM factory PMI slips again in July
A downturn in US factory sector activity accelerated a bit last month, the results of a closely followed survey showed.
The Institute for Supply Management's manufacturing sector Purchasing Managers' Index declined from a reading of 48.5 for June to 46.8 in July (consensus: 48.8).
Managers from a broad swathe of sectors reported weaker demand, particularly in Machinery and Fabricated Metal Products.
Chemical Products was the exception, reporting flat business conditions, while in Computer and Electronic Products ordering trends were expected to return to 'normal' in the back half of 2024.
Any reading below 50 points denotes a contraction in activity at successively quicker rates the further away one moves from that threshold.
A subindex for employment was especially soft, retreating from 49.3 to 43.4, while the subindex tracking new orders slipped from 49.3 to 47.4.
The subindex for prices paid meanwhile rose from 52.1 to 52.9.