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The U.S. manufacturing industry registered its seventh consecutive monthly expansion in July, with factory activity at its highest level in more than four years.
Last month’s purchasing managers’ index (PMI) rose to 55.6, from 53.3 in June, according to new data from the Institute for Supply Management’s widely watched monthly survey.
Economists had forecast a reading of 54.
This was the highest level since May 2022, highlighting the sector’s strength this year.
Factory activity has benefited from artificial intelligence-related investments and businesses front-loading orders to avoid potential supply chain disruptions and higher war-driven costs. Low business inventories also facilitated companies to replenish stockpiles….
Last month’s purchasing managers’ index (PMI) rose to 55.6, from 53.3 in June, according to new data from the Institute for Supply Management’s widely watched monthly survey.
Economists had forecast a reading of 54.
This was the highest level since May 2022, highlighting the sector’s strength this year.
Factory activity has benefited from artificial intelligence-related investments and businesses front-loading orders to avoid potential supply chain disruptions and higher war-driven costs. Low business inventories also facilitated companies to replenish stockpiles….
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