“Marginally slower rate of contraction”; ISM PMI up a touch in July

01 August 2023

 

Summary: ISM PMI up in July, below expectations; marginally slower rate of contraction; US Treasury yields rise noticeably; expectations of Fed rate cuts in 2024 soften slightly; ANZ: manufacturing struggling, upstream goods inflation soft; ISM: reading corresponds to 0.8% US GDP contraction annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended in March...

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