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U.S. ISM manufacturing slips from 16-month high in July, misses forecast

Investing.com -

Investing.com - Manufacturing activity in the U.S. fell more than expected in July from a prior 16-month high, according to an industry report released on Monday.

The Institute for Supply Management said its index of manufacturing activity dropped to 52.6 last month from June's 53.2.

Analysts had expected the factory index to tick down to 53.0.

A reading above 50.0 indicates expansion in the manufacturing sector, below indicates contraction.

The new orders index slipped to 56.9 in July from 57.0 a month earlier.

The employment index fell to 49.4 last month from the prior 50.4, compared to a forecast for a decrease to 50.3.

The prices paid index declined to 55.0 from 60.5, compared to expectations for a reading of 60.5.

In an immediate reaction, EUR/USD was trading at 1.1166 from around 1.1161 ahead of the release of the data, GBP/USD was at 1.3193 from 1.3189 earlier, while USD/JPY was at 102.34 from 102.33 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.69, compared to 95.70 ahead of the report.

Meanwhile, U.S. stock markets were mixed after the open. The Dow 30 shed 0.13%, the S&P 500 declined 0.11%, while the Nasdaq Composite gained 0.25%.

Elsewhere, in the commodities market, gold futures traded at $1,356.05 a troy ounce, compared to $1,354.95 ahead of the data, while crude oil traded at $40.80 a barrel from $40.74 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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