In July, the European ISM manufacturing index has now fallen over 12 consecutive months to hit a 37-month low. The rates of decline in manufacturing in Germany, France and Spain were “either at or close to the steepest since mid-2009.” Reporting by Industry Week
In July, the U.S. summary “Purchasing Managers’ Index (PMI)” from the Institute for Supply Management (ISM) inched up 0.1 points for July, to a level of 49.8. In plain English, “Industrial activity at the nation’s factories remained stalled in July” according to Dr. Ken Mayland, PMPA’s retained Economist.
In July, business hiring slowed while still growing, according to the ADP payrolls report, adding yet another mixed signal to the conversation. ADP said that private-sector employment rose by 163,000 in July, slowing from a downwardly revised June gain of 172,000. The increase in jobs for July beat most analyst predictions which were in the 125,000 area.
In July,”in China and South Korea The Purchasing Managers’ Index in China unexpectedly fell to 50.1 in July, the weakest in eight months, from 50.2 in June, a government report showed today. South Korea’s exports slid by more than double the amount forecast by analysts and inflation moderated to a 12-year low.” -Bloomberg
Below 50, manufacturing is contracting…