Manufacturing grew in July, as the PMI registered 54.2%, 1.6% higher than the June reading of 52.6%. “The PMI signaled a continued rebuilding of economic activity in July and reached its highest level of expansion since March 2019, when the index registered 54.6%. Four of the big six industry sectors expanded. The New Orders and Production indexes returned to strong expansion levels. The Supplier Deliveries Index remained at a more normal level of tension between supply and demand. Seven of the 10 subindexes registered expansion, up from five in June,” says Timothy R. Fiore, chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.