The pace of growth in U.S. manufacturing activity unexpectedly slowed in the month of July, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI dipped to 59.5 in July from 60.6 in June. While a reading above 50 still indicates growth in the manufacturing sector, economists had expected the index to inch up to 60.9.
With the unexpected decrease, the manufacturing PMI pulled back further off the 37-year high of 64.7 reached in March and fell to its lowest level since hitting 58.7 in January.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.