ISM Manufacturing PMI Jumps to 55.6% in July — Highest Since May 2022

The ISM Manufacturing PMI registered 55.6% in July, up 2.3 points from June and the highest reading since May 2022, marking a seventh consecutive month of expansion (21st straight month for the broader economy by ISM's read). New Orders expanded for a seventh straight month to 56.7%, Production jumped 6.3 points to 58.5% (highest since November 2021), and the Employment Index rose to 52.8% — its best level since August 2022. The strong print, released August 3, ran counter to the growth-scare narrative from the Q2 GDP miss three days earlier, though ISM commentary flagged elevated input prices tied to tariffs and geopolitical tensions.