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Economic activity in the U.S. manufacturing sector expanded in July for the seventh consecutive month to 55.6%, or 2.3 percentage points higher than June, according to the Institute for Supply Management’s latest Purchasing Managers’ Index.
The overall economy grew for the 21st month in a row, ISM reported. A figure below 50% indicates an industry in contraction.
The S&P Global U.S. Manufacturing PMI showed a slightly higher rate of expansion, registering 53.9, unchanged from June.
“We have a really strong report this month,” Susan Spence, chair of ISM’s Manufacturing Business Survey Committee, said during a media call on Monday.
