December 6, 2022

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ISM Manufacturing PMI for July 59.9 versus 60.8 estimate

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ISM manufacturing PMI for July 2021.

ISM manufacturing PMI for July 2021.
  • prior report
  • Full report from the ISM CLICK HERE
  • PMI index 59.9 versus 60.8 estimate.
  • employment 52.9 versus 49.9 in June. Panelists continued to note significant difficulties in attracting and retaining labor at their companies’ and suppliers’ facilities, although there were signs of improvement. 
  • new orders 64.9 versus 66.0 in June
  • prices paid 85.7 versus 92.1. It was the largest fall since March 2020
  • production 58.4 versus 60.8 in June
  • supplier deliveries 72.5 versus 75.1 last month
  • inventories 48.9 versus 51.1 last month
  • customer inventories 25.0 versus 30.8 last month
  • backlog of orders 65 or 64.5 last month
  • new export orders 55.7 versus 56.2 last month
  • imports 53.7 versus 61.0 last month

Highlights:

  • the gain was the 14th month in a row
  • Although prices are lower versus Junes 92.1, the index still remains quite high
  • customer inventories remain very low. That helps new orders but supply chain remains an issue
  • employment take back above the 50 level after dipping to 49.9 last month
  • Seventeen of 18 manufacturing industries reported growth in July,
  • The report is a disappointment vs expectations but from higher levels. The index remains well above the 50.0 level with supply chain issues due to shortages of chips and other commodities.  

ISM’s Fiore says:

Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels. As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic materials, rising commodities prices and difficulties in transporting products. Worker absenteeism, short-term shutdowns due to parts shortages and difficulties in filling open positions continue to be issues limiting manufacturing-growth potential. 

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