US manufacturing activity contracted in July, with the ISM index at 46.8%, signaling a potential interest rate cut by the US Federal Reserve.
US manufacturing activity contracted more sharply than anticipated in July, with the ISM manufacturing index falling to 46.8%, a 1.7 percentage point decrease from June's 48.5%. This marks the fourth consecutive month with a reading below the 50-point mark separating expansion from contraction, strengthening the argument for a potential interest rate cut by the US Federal Reserve in September. The ISM survey report cites weak demand, output decline, and companies' unwillingness to invest in capital and inventory due to current federal monetary policy and other conditions.
August 01, 2024
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