Growth eased for new orders (60.4 from 63.5 in June); production (60.6 from 62.4); employment (55.2 from 57.2); backlogs of orders (55 from 57) and new export orders (57.5). In addition, inflationary pressures increased (62 from 55); inventoires were unchanged (50 from 49) and customers' inventories declined (49 from 50.5). On the other hand, supplier deliveries improved (55.4 from 57).
Comments from the panel generally reflect expanding business conditions, with new orders, production, employment, backlog and exports all growing in July compared to June, as well as supplier deliveries slowing (improving) and inventories unchanged during the period.
Of the 18 manufacturing industries, 15 reported growth in July in the following order: Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Wood Products; Fabricated Metal Products; Machinery; Chemical Products; Paper Products; Food, Beverage & Tobacco Products; Printing & Related Support Activities; Computer & Electronic Products; Nonmetallic Mineral Products; Furniture & Related Products; Miscellaneous Manufacturing; Primary Metals; and Transportation Equipment. Three industries reported contraction in July compared to June: Apparel, Leather & Allied Products; Textile Mills; and Petroleum & Coal Product.