While manufacturing and trade growth slowed somewhat in July, they maintained continued strength

August 1, 2018 – According to today’s Institute of Supply Management’s (ISM) July survey, overall economic activity in the manufacturing sector expanded in July, and the overall economy grew for the 110th consecutive month.

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Manufacturing grew in July as the PMI® registered 58.1 percent, a decrease of 2.1 percentage points from the June reading of 60.2 percent. Yet, “this indicates strong growth in manufacturing for the 23rd consecutive month, led by continued expansion in new orders, production and employment. Inventories are expanding at a faster rate as a result of supplier deliveries improving compared to the prior month,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee.

July new export orders and imports kept pace with the overall economy in July with exports registering 55.3 percent, a slight decrease of 1 percentage point when compared to the 56.3 percent reported for June, but indicating growth in new export orders for the 29th consecutive month.

“While several of the world’s economies languished, US-imposed tariffs kicked in, and a strong dollar prevailed, US exporters maintained resilient growth on a strong overall economy,” said Fred Baehner, IBNewsmag publisher.

The ISM Imports Index registered 54.7 percent in July, a decrease of 4.3 percentage points when compared to the 59 percent reported for June, indicating that imports grew in July for the 18th consecutive month.

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