PMI hits 12-month high but building investment tapers

Aug 01, 2013 | 08:04 PM | Corinna Petry

Tags  Purchasing Managers Index, PMI, construction spending, Institute for Supply Management, Census Bureau, new orders, backlogs, pricing production

CHICAGO — Economic activity in the U.S. manufacturing sector expanded in July, with the Institute for Supply Management’s purchasing managers index (PMI) moving up 4.5 percentage points to 55.4, its highest level in the past 12 months.

"May was exaggerated on the downside and July to the upside," said Michael Montgomery, U.S. economist for Lexington, Mass.-based IHS Global Insight Inc. "(Manufacturing) conditions are better, just not as good as the July numbers suggest."....





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