The National Association of Purchasing Management reported that the manufacturing industry expanded for the 18th consecutive month although its overall index remained at 51.8 in July. The overall economy recorded its 111th consecutive month of growth in July.
According to Norbert J. Ore, C.P.M., chair of the NAPM's Manufacturing Business Survey committee, "The manufacturing sector continued to expand in July, but with some measure of softening as both New Orders and Imports declined. Production continued to grow, though at a slightly slower rate. The NAPM Prices Index continues to indicate manufacturers are paying higher prices for their purchases and manufacturing employment grew in July at an accelerating rate when compared to June."
NAPM's Production Index decreased 0.2% to 53.4 in July. The New Order Index declined 0.7% to 49.9 while the Backlog of Orders Index registered 45, indicating small backlogs for the third consecutive month.
Among other sub-indexes, prices paid increased by 0.7% in July to 61.9, supplier deliveries declined to 54.2indicating slower deliveries in July, and employment increased 1.9 to 52.7, up from 50.8 in June.
Series July June PMI 51.8 51.8 Production 53.4 53.6 New Orders 49.9 50.6 Backlog of Orders 45.0 48.5 Supplier Deliveries 54.2 55.1 Inventories 48.4 47.4 Employment 52.7 50.8 Prices 61.9 61.2 New Export Orders 51.5 53.2 Imports 49.8 56.0
The next NAPM Report on Business will be released on September 1, 2000.