US ISM Manufacturing PMI Jumps to 55.6 in July, Beating Forecasts
The US manufacturing sector expanded at a faster pace in July, with the ISM Manufacturing PMI rising to 55.6 from 53.3 in June, well above the expected 54.0.
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Business activity in the US manufacturing sector accelerated more than anticipated in July. The Institute for Supply Management's Manufacturing Purchasing Managers' Index climbed to 55.6, up from 53.3 in June and firmly above the consensus forecast of 54.0.
The reading indicates an expansion in the factory sector, with the index moving further above the 50-point threshold that separates growth from contraction. The stronger-than-expected data suggests underlying momentum in US industrial activity at the start of the third quarter.
Source: FXStreet Forex News