ISM Jul Manufacturing PMI Slipped To 59.5 vs Jun 60.6

US ISM NEW ORDERS INDEX 64.9 JUL VS 66.0 JUN

US ISM EMPLOYMENT INDEX 52.9 JUL VS 49.9 JUN

US ISM PRODUCTION INDEX 58.4 JUL VS 60.8 JUN

US ISM SUPPLIER DELIVERY INDEX 72.5 JUL VS 75.1 JUN

US ISM INVENTORIES INDEX 48.9 JUL VS 51.5 JUN

• The ISM Mfg PMI dropped 1.1pt in Jul to 59.5, hitting the lowest level since Jan and coming in weaker than market forecasts (BBG: 60.7).
• Jul's downtick was led by an decrease of Supplier Deliveries (-2.6pt), Production (-2.4pt), Inventories (-2.2pt) and New Orders (-1.1pt), while Production (+3.0pt) posted the only gain among the main sub-indicators.
• Inventories shifted back to contraction territory following two months of expansion.
• Production saw the first increase in three months, while New Orders and Supplier Deliveries posted the second successive declines.
• Among the other categories, Imports saw the largest decline, down 7.3pt to 53.7, marking a three-month low.
• Meanwhile, Prices fell 6.4pt to 85.7 in Jul, its lowest level since Mar and Customer's inventory dropped 5.8pt to 25.0.
• While Order Backlogs ticked up 0.5pt to 65.0, Exports declined 0.5pt to 55.7 in Jul