The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in July was 48.5, down 3.7 points from June. Manufacturers reported supply-chain challenges and increased costs driving the production decline.

The PMI index is composed of five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth.  See S&P Global

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