US July PMI Soars to Record High as Cost Pressures Hit New Peaks

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July PMI data indicated the most significant improvement in operating conditions across the U.S. manufacturing sector on record.

Source: IHS Markit

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The seasonally adjusted U.S. PMI was 63.4 in July, an increase from 62.1 in June and slightly higher than the earlier estimates of 63.1.

The overall growth was backed by stronger expansions in output and new orders, the latter expanding at the second-faster pace since May 2007.

Massive supplier shortages and delays continued to push an increase in input costs and the firm’s ability to process incoming new work. Output expectations remained bullish amid optimism of further increase in client demand over the coming year.

A sharper expansion in production at the start of the third quarter supported the uptick in the US PMI. New business in manufacturing rose at a robust rate.

July data signaled a struggle by manufacturers and their suppliers to meet booming demand, leading to a huge increase in raw material and finished reasonable prices.

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