FOREX TradingCharts.com

Financial News: U.S. Manufacturing Index Indicates Faster Than Expected Gr

U.S. Manufacturing Index Indicates Faster Than Expected Growth In July

08/03/2020 - 10:36:00 (RTTNews)

(RTTNews) - A report released by the Institute for Supply Management on Monday showed a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in the month of July.

The ISM said its purchasing managers index rose to 54.2 in July from 52.6 in June, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 53.6.

"In July, manufacturing continued its recovery after the disruption caused by the coronavirus (COVID-19) pandemic," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

He added, "Panel sentiment was generally optimistic (two positive comments for every one cautious comment), continuing a trend from June."

With the bigger than expected increase, the purchasing managers index reached its highest level of expansion since March of 2019.

The advance by the headline index came as the new orders index jumped to 61.5 in July from 56.4 in June and the production index surged up to 62.1 from 57.3.

The employment index also climbed to 44.3 in July from 42.1 in June, although the reading below 50 still indicated the twelfth consecutive month of employment contraction.

"Only one of the six big industry sectors experienced expansion, as factories were able to achieve significant gains in output with a reduced labor pool," said Fiore.

He added, "Long-term labor market growth remains uncertain, but strong new-order levels and an expanding backlog signify potential strength for the rest of the third quarter."

The report also said the prices index rose to 53.2 in July from 51.3 in June, indicating raw materials prices increased for the second consecutive month.

On Wednesday, the ISM is scheduled to release a separate report on service sector activity in the month of July. The non-manufacturing index is expected to dip to 55.0 in July after spiking to 57.1 in June.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Finland Jobless Rate Rises In August (05 min(s), 47 sec(s) ago)
(RTTNews) - Finland's jobless rate rose in August, figures from Statistics Finland showed on T ...Full Story»

Dutch Consumer Confidence Improves Slightly In September (46 min(s), 47 sec(s) ago)
(RTTNews) - Dutch consumer confidence improved slightly in September, but remained negative, data ...Full Story»

European Economics Preview: Sweden Central Bank Rate Decision Due (02 hr(s), 59 min(s), 47 sec(s) ago)
(RTTNews) - The interest rate announcement from Sweden's central bank is due on Tuesday, headl ...Full Story»

Thai Trade Data Due On Tuesday (02 min(s), 13 sec(s) ago)
(RTTNews) - Thailand will on Tuesday release August figures for imports, exports and trade balance ...Full Story»

South Korea Producer Prices Climb 0.5% In August (56 min(s), 13 sec(s) ago)
(RTTNews) - Producer prices in South Korea were up 0.5 percent on month in August, the Bank of Kor ...Full Story»

Luxembourg Jobless Rate Falls Further (45 min(s), 13 sec(s) ago)
(RTTNews) - Luxembourg's unemployment rate fell for a second straight month in August to its l ...Full Story»

UK Household Finances Continue To Deteriorate In September (01 min(s), 13 sec(s) ago)
(RTTNews) - UK households' perception about the financial well-being showed another sharp fall ...Full Story»

Belgium Consumer Confidence Rebound Strongly To 7-month High (40 min(s), 13 sec(s) ago)
(RTTNews) - Belgium's consumer confidence rebounded strongly in September to its highest level ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Finland Jobless Rate Rises In August

09/22/2020 - 02:56 AM (RTTNews)
(RTTNews) - Finland's jobless rate rose in August, figures from Statistics Finland showed on T ...Full Story>>

Dutch Consumer Confidence Improves Slightly In September

09/22/2020 - 02:15 AM (RTTNews)
(RTTNews) - Dutch consumer confidence improved slightly in September, but remained negative, data ...Full Story>>

European Economics Preview: Sweden Central Bank Rate Decision Due

09/22/2020 - 00:02 AM (RTTNews)
(RTTNews) - The interest rate announcement from Sweden's central bank is due on Tuesday, headl ...Full Story>>

Thai Trade Data Due On Tuesday

09/21/2020 - 18:04 PM (RTTNews)
(RTTNews) - Thailand will on Tuesday release August figures for imports, exports and trade balance ...Full Story>>

South Korea Producer Prices Climb 0.5% In August

09/21/2020 - 17:58 PM (RTTNews)
(RTTNews) - Producer prices in South Korea were up 0.5 percent on month in August, the Bank of Kor ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.