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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
MNI (London)
US JUL ISM MANUF. PMI 52.8 (FCST 52.0); JUN 53.0
US JUL ISM PRICES PAID 60.0 (FCST 74.3); JUN 78.5
US JUL ISM NEW ORDERS 48.0 (FCST 49.0); JUN 49.2
US JUL ISM EMPLOYMENT 49.0 (FCST 48.2); JUN 47.3
- The US ISM Manufacturing PMI edged down a modest 0.2pp to 52.8 in July, coming in stronger than the forecast of 52.0. This is the lowest since June 2020 and was the second consecutive month of decline for the indicator. It continues to remain in expansive territory above the 50-point threshold.
- A substantial fall was seen in the prices paid index, which plunged 18.5 points to 60.0, the lowest since August 2020. This is a much slower price growth. Volatility in commodity markets underscores this steep decline, with a significant 21.5% of respondents paying less in July (compared to June).
- New orders weakened for the second consecutive month in July, declining by 1.2 points (vs 0.2 point decline anticipated).
- Softer demand has concerns about excess inventory growing and lead times remain at record highs.
- The employment index saw a 1.7-point increase to 49.0, remaining contractionary for the third consecutive month. Hiring rates remain robust, yet quitting rates remain high.
- This data is in line with moves seen in the S&P Global PMI and regional PMIs and highlights an evident slowing of demand in the US manufacturing industry. The ISM index saw a brief knee-jerk reaction for markets
- Persistent supply chain disruptions, a backdrop of global economic instability and looming recessionary fears see outlooks remaining subdued for the time being, however the plunge in the prices paid index hints at easing inflationary pressures going forward.
ISM Manufacturing PMI:
ISM Prices Index:
Source: ISM
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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