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As raw material shortages continued, despite signs of some easing in supply-chain constraints, U.S. manufacturing activity grew at a slower pace in July for the second straight month
As raw material shortages continued, despite signs of some easing in supply-chain constraints, U.S. manufacturing activity grew at a slower pace in July for the second straight month
US manufacturing sector growth slowing, bottlenecks easing
August 3, 2021
WASHINGTON: U.S. manufacturing activity grew at a slower pace in July for the second straight month as raw material shortages persisted, though there are signs of some easing in the supply-chain bottlenecks.
The survey from the Institute for Supply Management (ISM) on Monday showed measures of prices paid by manufacturers and supply deliveries fell last month. ISM chair Timothy Fiore noted that supply and demand dynamics appear to be moving closer to equilibrium for the first time in many months.
Part of that could be because spending is rotating back to services from goods. Manufacturing is slowing from unsustainable boom to sustainable strength, said Chris Low, chief economist at FHN Financial in New York. Moderation in supplier deliveries and prices paid indicate bottlenecks are alleviating, but both remain high enough to indicate supply-side problems persist. Still, from a markets and policy pers
Manufacturing growth ebbs
MARTIN CRUTSINGER | Associated Press
WASHINGTON – Growthin U.S. manufacturing slowed for a second straight month in July amid ongoing supply-chain problems.
The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of manufacturing activity declined by 1.1 percentage points, to a reading of 59.5. The index had also slowed in June, dropping to 60.6 from a reading of 61 in May.
Any reading above 50 indicates growth in the manufacturing sector. July was the 14th consecutive month manufacturing has grown after contracting in April 2020 when the novel coronavirus triggered nationwide business shutdowns.
But the July reading showed slower growth in new orders and production. Manufacturers have struggled in recent months with supply-chain bottlenecks that have made it difficult for them to get computer chips and other necessary components for their products.