U.S. Manufacturing Contracts Again in July as Demand and Employment Weaken

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Source: Dukascopy Bank SA
U.S. manufacturing activity contracted for the fifth straight month in July, as the ISM Manufacturing PMI fell to 48.0%, down from 49.0% in June. This signals a deepening slowdown in the sector, with most key components still under pressure. While production showed modest growth at 51.4%, demand remained soft—new orders registered at 47.1%, continuing a six-month decline, and order backlogs, though slightly improved, remained in contraction at 46.8%.



Employment conditions worsened, with the index dropping to 43.4%, indicating continued layoffs and hiring freezes as manufacturers navigate uncertain demand. Prices for raw materials continued to rise, though the pace slowed slightly—falling to 64.8% from 69.7%—as aluminum, steel, and tariffs kept input costs elevated. Supplier delivery performance improved for the first time in months, with the index falling to 49.3%, suggesting faster deliveries as supply chains loosen amid falling demand. Inventories also continued to shrink (48.9%), and customer inventories remained too low at 45.7%, potentially signaling the need for restocking if demand picks up. Externally, trade indicators remained weak. New export orders contracted for the fifth consecutive month at 46.1%, and imports also shrank, though slightly less than in June, at 47.6%. These figures reflect global economic uncertainties and trade tensions.
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