The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in July was 49, increasing 2.7 points from June. Manufacturers reported a continued decrease in new orders but a boost in employment as the industry outlook improved.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. IHS Markit and S&P Global merged in 2022. See S&P Global