Economic activity in the manufacturing sector grew in July, with the overall economy notching a 14th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: "The July Manufacturing PMI® registered 59.5 percent, a decrease of 1.1 percentage points from the June reading of 60.6 percent. This figure indicates expansion in the overall economy for the 14th month in a row after contraction in April 2020. ... (full story)

Despite the plunge in 'hard' economic data, Markit's final July Manufacturing PMI rose once again, this time to a record high (63.4 vs 63.1 flash and 62.1 in June) but ISM's Manufacturing survey disappointed, dropping from 60.6 to 59.5 (missing expectations of a small rise to 60.9). As Tom Fiore notes on the ISM: “Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels. As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic ... (full story)