Purchasing Managers' Index Up Slightly in July
Tempe, AZ, August 1, 2023- The July Manufacturing Purchasing Managers’ Index (PMI) registered 46.4%, 0.4 percentage point higher than the 46 percent recorded in June, according to the Manufacturing ISM Report On Business.
Regarding the overall economy, this figure indicates an eighth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 47.3%, 1.7 percentage points higher than the figure of 45.6% recorded in June.
The Production Index reading of 48.3% is a 1.6-percentage point increase compared to June’s figure of 46.7%.
The Prices Index registered 42.6%, up 0.8 percentage point compared to the June figure of 41.8%.
The Backlog of Orders Index registered 42.8%, 4.1 percentage points higher than the June reading of 38.7%.
The Employment Index dropped further into contraction, registering 44.4%, down 3.7 percentage points from June’s reading of 48.1%.
The Supplier Deliveries Index figure of 46.1% is 0.4 percentage point higher than the 45.7% recorded in June.
In the last eight months, the Supplier Deliveries Index has recorded its eight lowest readings since March 2009 (43.2%).
The Inventories Index increased by 2.1 percentage points to 46.1%; the June reading was 44%.
The New Export Orders Index reading of 46.2% is 1.1 percentage points lower than June’s figure of 47.3%.
The Imports Index remained in contraction territory, registering 49.6%, 0.3 percentage point higher than the 49.3% reported in June.
The two manufacturing industries that reported growth in July are petroleum & coal products and furniture & related products. The 16 industries reporting contraction in July, in the following order, are apparel, leather & allied products; plastics & rubber products; paper products; textile mills; wood products; computer & electronic products; chemical products; primary metals; food, beverage & tobacco products; electrical equipment, appliances & components; printing & related support activities; miscellaneous manufacturing; fabricated metal products; transportation equipment; nonmetallic mineral products; and machinery.