U.S. Economy Growing Despite Slowdown in Manufacturing
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All and all, the ISM report was another cloudy bit of data for investors to process. The economy hasn’t flat-lined and it does appear to have a pulse but, keeping with our analogy, it will likely remain bedridden for some time.
U.S. July ISM manufacturing index rose to 49.8 in July. This was slightly higher than June’s reading 49.7 but lower than the street’s estimate of 50.2. The report showed manufacturing is slowing in the U.S. With an overall view, the report showed growth in the economy.
Of the 18 manufacturing industries, seven reported growth in July, while 11 industries reported contraction. A survey participant in the wood products market said “"We have noticed a marked slowing in business overall. [We] have confirmed this with other companies in our industry as well.”
Another survey participant in the machinery business said "Business has been up for the last seven consecutive months — strong customer orders coming in."
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U.S. July ISM manufacturing index rose to 49.8 in July. This was slightly higher than June’s reading 49.7 but lower than the street’s estimate of 50.2. The report showed manufacturing is slowing in the U.S. With an overall view, the report showed growth in the economy.
Of the 18 manufacturing industries, seven reported growth in July, while 11 industries reported contraction. A survey participant in the wood products market said “"We have noticed a marked slowing in business overall. [We] have confirmed this with other companies in our industry as well.”
Another survey participant in the machinery business said "Business has been up for the last seven consecutive months — strong customer orders coming in."
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