US manufacturing economic activity contracted in July for the fifth consecutive month with a key purchasing managers index missing expectations, according to the latest Institute for Supply Management survey.
Source: Sharecast
The manufacturing purchasing managers index fell 1 percentage point to 48% from June compared with expectations of a rise to 49.5%, while the new orders index rose 0.7 points month on month to 47.1%.
A sub index covering prices remained in expansion territory, registering 64.8%, down 4.9 percentage points from June’s 69.7%. The backlog of orders index registered rose 2.5 points to 46.8%.
Reporting by Frank Prenesti for Sharecast.com
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