The Institute for Supply Management's (ISM) factory index of manufacturing activity, the PMI, fell to 50.9 in July after increasing 4 percent to 55.3 in June (any figure above 50 indicates general expansion of the manufacturing industry-therefore, the PMI indicates growth for the 26th consecutive month in the overall economy, as well as expansion in the manufacturing sector for the 24th consecutive month.
However, both imports and exports saw a slight boost in July, increasing 2.5 and 0.5 percent, respectively, while new orders and production showed a moderate slowdown in July. The employment index also fell, by 6.4 percent to 53.5, and inventories dropped as well, down 4.8 percent to 49.3 in July.
Meanwhile, primary metals and fabricated metal products were two out of 10 manufacturing industries reporting growth in July, while steel products registered an upswing in prices.