U.S. Factory Growth Slowed in July on Decline in Orders
Inflation pressures eased last month as commodity price pressures diminished, according to surveys of purchasing managers
Growth at U.S. manufacturing companies was its weakest in two years in July, but inflationary pressures showed signs of cooling as commodity prices eased, according to surveys of purchasing managers released Monday.
The Institute for Supply Management’s index of U.S. manufacturing activity was 52.8 in July as a drop in new orders signaled declining demand for factory products. That was its lowest reading since June 2020 and down from 53 the prior month.