It's now eleven straight months of growth for the manufacturing sector of the economy.
According to the Institute for Supply Management (ISM), the July Purchasing Managers Index (PMI) came in at 56.3% -- down 1.5 % from June.
A reading above 50 indicates growth while anything below that shows contraction.
At the same time, the overall economy grew for the 98th consecutive month.
Contributing to the slowdown in the PMI, the New Orders Index dipped 3.1% to 60.4%, the Production Index was down 1.8% to 60.6%, and the Employment Index came in at 55.2% -- down 2% from June.
Also lower was the Supplier Deliveries Index at 55.4%, down 1.6%.
Among the gainers were the Inventories Index, up 1.0% for a reading of 50%, and the Prices Index, which shot up 7.0% to 62.0% for its 17th monthly gain in a row.
Of the 18 manufacturing industries, the following 15 reported growth:
- Plastics & Rubber Products;
- Electrical Equipment, Appliances & Components;
- Wood Products;
- Fabricated Metal Products;
- Chemical Products;
- Paper Products;
- Food, Beverage & Tobacco Products;
- Printing & Related Support Activities;
- Computer & Electronic Products;
- Nonmetallic Mineral Products;
- Furniture & Related Products;
- Miscellaneous Manufacturing;
- Primary Metals; and
- Transportation Equipment.
The three industries reporting contraction in July were:
- Apparel, Leather & Allied Products;
- Textile Mills; and
- Petroleum & Coal Products.