The Institute for Supply Management is reporting a slight decrease in the PMI from June to July. However, the industry remains in growth mode with a PMI of 56.3 (a reading over 50 indicates growth). Additionally, the PMI has remained in growth mode for the past 11 consecutive months, leaving experts optimistic that the trend will continue over the second half of the year.
ISM reported that 15 of 18 manufacturing sectors saw growth in July with 14 of 18 reporting growth in production. Comments from contributing ISM members were mostly positive, with one respondent noting “Business is very steady, but everyone is waiting till the last minute to place their orders.” A surge in new orders late in the year would help ensure continued growth well into 2018.