Manufacturing activity in July has contracted for the eighth time in nine months, though the pace of decline has slowed markedly. The S&P Global Flash U.S. Manufacturing PMI rose to 49.0 in July from June’s 46.3.
The details: Output increased to 50.2 in July, from 46.9 in June. New orders rose to 48.5 from 42.9.
- Export demand saw significant progress (up to 48.7 from 44.9).
- Hiring increased to 52.8 from 52.3
- Future output picked up speed, increasing to 69.8 from 63.6.
However … The S&P Global Flash U.S. Services Business Activity Index dipped to a five-month low of 52.4, down from June’s 54.4, indicating a decline in business activity among service providers.
Across the pond: Manufacturing activity continues to decline in Europe, particularly in Germany, according to the S&P’s HCOB Flash Eurozone Manufacturing PMI.
- The headline Eurozone index fell to 42.7 in July from June’s 43.4, signaling a post-COVID-19 low.