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Manufacturing contracted in July, according to the latest Manufacturing ISM Report on Business.
However, the decline in manufacturing was slower in July when compared to June, as the more leading components of the PMI - the New Orders and Production Indexes - rose significantly above 50%, thus setting an expectation for future growth in the sector.
The Employment and Inventories Indexes are still contracting, but the rate is slowing and they are moving in the right direction, the report said. The New Export Orders Index shows growth following nine consecutive months of decline, suggesting that the global economy is recovering.
Six of the 18 manufacturing industries reported growth in July. These industries - listed in order - are: Nonmetallic Mineral Products; Paper Products; Printing & Related Support Activities; Electrical Equipment, Appliances & Components; Transportation Equipment; and Chemical Products. The 10 industries reporting contraction in July - listed in order - are: Machinery; Plastics & Rubber Products; Wood Products; Textile Mills; Miscellaneous Manufacturing; Furniture & Related Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; and Primary Metals.
More details on most recent ISM report.