US manufacturing soars to 15-month high: ISM

Manufacturing in the United States, as measured by a key business activity gauge, surged to a 15-month high in July, exceeding economists’ expectations.

The Institute for Supply Management business survey, published Monday, Aug. 3, showed that its topline manufacturing activity indicator, called the Purchasing Managers’ Index, surged to a reading of 54.2 in July.

Readings above 50 indicate expansion, while those below mean contraction.

“The PMI signaled a continued rebuilding of economic activity in July and reached its highest level of expansion since March 2019,” Timothy Fiore, chair of the...