US ISM Manufacturing PMI is expected to show strong factory activity in July
Investors are attentive to the US Institute for Supply Management (ISM) on Monday, as it releases July’s Manufacturing Purchasing Managers Index (PMI).
The July US Manufacturing PMI rose to 55.6, surpassing expectations of 54, signaling robust growth in the US manufacturing sector. Payrolls increased, with the Employment Index hitting 52.8, up from 49.7. Despite a slight dip in the Prices Paid Index to 71.1 from 73, it remained above the forecasted 70.3. Susan Spence, Chair of the ISM Manufacturing Business Survey Committee, highlighted that four subindexes improved compared to the previous month, except for the Inventories Index, which saw a minimal decline of 0.2 percentage points.
The US Dollar Index experienced a marginal uptick after the PMI report, currently trading near 99.82. Investors closely monitor this indicator, as an expansion above 50 suggests economic growth and could support the US Dollar. The PMI report for July will be released at 14:00 GMT on Monday, providing valuable insights into the health of the US manufacturing sector amid geopolitical tensions and inflationary pressures.
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