US manufacturing holds up better than expected in July, price pressures recede
(Sharecast News) - Factory sector activity in the US held up better than expected last month, the results of a key survey revealed.
But respondents’ answers betrayed caution when it came to the outlook for new orders, staff availability and the risk of raw materials shortages.
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Worth noting, the sub-índex for the prices paid by companies registered a big drop, from 78.5 to 60.0.
Just to clarify, the cheery “better than expected” spin is being applied to down numbers.
The Institute for Supply Management’s manufacturing sector Purchasing Managers’ Index dipped from a reading of 53.0 for June to 52.8 in July (consensus: 52.1).
Nevertheless, the key sub-índex linked to new orders did slip further into contractionary territory, receding from June’s print of 49.2 to 48.0.
Yup and the price of oil dropped out of bed this morning. This news is not headlining. It is news with more than today’s import in it.
…the price of oil dropped out of bed this morning.
Crude futures traded lower in midmorning trade in Europe on Aug. 1, as markets reacted to weakened economic activity in China with the Caixin PMI dropping to 50.4 in July.