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Decline in US manufacturing performance softens in July
US manufacturers signalled a further decline in the health of the sector during July, according to the latest PMITM survey from S&P Global. The downturn stemmed from another monthly contraction in new orders, as domestic and external demand conditions remained muted. A challenging sales environment led firms to scale back their input buying, causing inventory holdings to be depleted strongly. Despite a sharp fall in backlogs of work as new orders dropped, companies expanded employment at a faster rate amid greater confidence in the outlook for output. Meanwhile, firms reported a renewed rise in raw material ... (full story)