The Institute for Supply Management’s latest monthly manufacturing index reached its highest level since the spring of 2022, while the manufacturing employment index returned to growth for the first time in 33 months.
The ISM’s July PMI came in at 55.6%, officials said Monday, which represented an increase of 2.3 percentage points from the June index. A reading above 50% reflects expansion.
Within the PMI, the production index reached its highest level since late 2021, and ISM Manufacturing Business Survey Committee Chair Susan Spence noted that three of the four demand indicators — new orders, new export orders and order backlog — also saw expansion last month.
The price index also continued in expansion territory.
Of the 16 industries included in the report, 15 reported growth last month; chemical products was the lone exemption.
