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Free AccessUS DATA: Analysts Still Optimistic About Mfg Growth After ISM
By Holly Stokes
WASHINGTON (MNI) - ISM July manufacturing index dipped slightly to 56.3
following June's sharp rise to 57.8, as expected, but analysts remained
optimistic on manufacturing growth for the near future.
Analysts noted that July's manufacturing index was still well above the
51.5 and 51.4 averages in 2016 and 2015, respectively and that while new orders,
employment, and production faced mild declines from their June levels, the
indexes remained strong.
Capital Economics pointed out that readings for production and new orders
remained above 60, indicating acceleration for manufacturing output in the
months to come. Additionally, analysts such as NatWest stated that the
employment index points to a stronger growth in factory payrolls for this Friday
after soft payrolls readings in the previous two months.
In relation to the uptick in prices paid index to 62.0 from 55.0, ISM
Survey Chief Tim Fiore stated that the increase was largely driven by steel and
aluminum. He also emphasized that the slowdown in supplier delivery index to
55.4 from 57.0 was actually a positive sign for the economy - stating that
survey responses indicated it was due to transportation delays from heightened
activity.
Even with the July ISM indexes showing moderate growth, analysts emphasized
that they still forecast growth for Q3 GDP above 2%.
--MNI Washington Bureau; +1 202-371-2121; email: holly.stokes@marketnews.com
[TOPICS: MAUDS$,M$U$$$]
To read the full story
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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.