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Following 53.3 in June, the ISM Manufacturing PMI climbed to 55.6 in July, the highest reading since May 2022 and considerably above the 54.0 forecast, therefore boosting manufacturing activity in the U.S. Though it stayed high, the study revealed growth for a seventh consecutive month, with general improvement below the surface and the prices-paid index falling to 71.1 from 73.0.
For markets, this is a growth-positive but possibly hawkish statistic that strengthens the idea that U.S. industrial activity is firming, which can be good for the USD and Treasury yields while also adding some pressure on gold and rate-sensitive stocks. Though not enough to change the primary message—that U.S. manufacturing is running hot—the somewhat lower prices-paid reading helps to somewhat allay the inflation concern.
