Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)
The Institute for Supply Management said the Manufacturing Report on Business, or PMI, posted another stronger-than-expected month in July at 56.3. Of the 18 industries, 13 reported growth.
The median economic forecast called for 56.2.
New Orders, at 60.4, also continued to post unusually strong growth in July. Backlog Orders are also unusually strong, at 55.0. Production remains above 60 at 60.6, while Inventories ticked up to 50.0. Delivery times also slowed slightly and the latter three are all very positive indications.
Those reporting growth were Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Wood Products; Fabricated Metal Products; Machinery; Chemical Products; Paper Products; Food, Beverage & Tobacco Products; Printing & Related Support Activities; Computer & Electronic Products; Nonmetallic Mineral Products; Furniture & Related Products; Miscellaneous Manufacturing; Primary Metals; and Transportation Equipment. Three industries reported contraction in July compared to June: Apparel, Leather & Allied Products; Textile Mills; and Petroleum & Coal Product.
