Key Insights
ISM Manufacturing PMI improved from 46 in June to 46.4 in July.
S&P Global Manufacturing PMI increased from 46.3 in June to 49 in July.
JOLTs Job Openings declined from 9.62 million in May to 9.58 million in June.
On August 1, the Institute for Supply Management released ISM Manufacturing PMI report for July. The report indicated that ISM Manufacturing PMI increased from 46 in June to 46.4 in July, compared to analyst consensus of 46.8.
Production Index increased from 46.7 in June to 48.3 in July, while Prices Index grew from 41.8 to 42.6.
The Institute for Supply Management commented: “The U.S. manufacturing sector shrank again, but the uptick in the PMI indicates a marginally slower rate of contraction […] Demand remains weak but marginally better compared to June, production slowed due to lack of work, and suppliers continue to have capacity.”
Today, traders also had a chance to take a look at JOLTs Job Openings report for June. The report showed that JOLTs Job Openings declined from 9.62 million to 9.58 million, compared to analyst consensus of 9.61 million.
The final reading of the S&P Global Manufacturing PMI showed that S&P Global Manufacturing PMI increased from 46.3 in June to 49 in July, in line with the analyst consensus.
U.S. dollar moved higher after the release of the ISM report. Currently, U.S. Dollar Index is trying to settle above the 102.35 level. The American currency enjoys support as traders focus on rising Treasury yields.
Gold pulled back below the $1950 level as traders focused on stronger dollar and rising Treasury yields.
SP500 pulled back towards the session lows near the 4570 level. The weaker-than-expected reports triggered a pullback as traders are ready to take profits off the table near yearly highs.
For a look at all of today’s economic events, check out our economic calendar.
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