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MNI INTERVIEW: Price Plunge Improves US Factory Outlook -ISM

(MNI) Washington

ISM's index of prices paid for materials by U.S. manufacturers fell in July by the most since 2010.

U.S. manufacturers are growing more optimistic about the outlook after energy and metals prices plunged in July, and data suggest the sector should be able to sustain moderate growth levels through year-end, Institute for Supply Management chair Timothy Fiore told MNI Monday.

The July measure of prices paid for materials used in the production process plunged 18.5pps to the lowest level since August 2020, marking the largest drop since 2010 as crude oil and metals prices fell. Almost 22% of those surveyed reported paying lower prices in July, up from 8% the previous month, while the number of firms reporting higher prices dropped 23pps to 42%.

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U.S. manufacturers are growing more optimistic about the outlook after energy and metals prices plunged in July, and data suggest the sector should be able to sustain moderate growth levels through year-end, Institute for Supply Management chair Timothy Fiore told MNI Monday.

The July measure of prices paid for materials used in the production process plunged 18.5pps to the lowest level since August 2020, marking the largest drop since 2010 as crude oil and metals prices fell. Almost 22% of those surveyed reported paying lower prices in July, up from 8% the previous month, while the number of firms reporting higher prices dropped 23pps to 42%.

Keep reading...Show less