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| July Manufacturing Data from the Institute for Supply Management (#1) - Aug. 1, 2005 |
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Summary
Earlier today, the Institute for Supply Management reported that its index designed to measure the economy's manufacturing activity ("PMI") rose to 56.6 in July. This was a couple points better than a consensus forecast that was looking for something around 54.5; it compared with a June result of 53.8. In July of 2005, the PMI stood at 61.6.
On Wednesday (8/3), ISM will release results for its index designed to measure the economy's service-sector activity. The consensus forecast for the July result is 61, which would be lower than the reported June reading of 62.2. In July of last year, ISM's service-sector index stood at 63.4.
(NOTE: Index readings above 50.0 indicate sector expansion, while readings below 50.0 indicate contraction.)
Sometime after ISM reports its service-sector numbers, I will publish a more detailed examination of both the manufacturing and service data.
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