Manufacturing PMI eases to 52.3 in July as new orders, output rise

Despite completing 12 straight months of expansion, growth in manufacturing activity hit a speed bump in July as both new orders and output rose at a slower pace, according to the widely-tracked purchasing managers’ index (PMI).

The PMI in July went down to 52.3 from 53.1 in June. A reading above 50 shows expansion in the sector. Although modest, the latest improvement in the health of the sector was the second-strongest (behind June) in 2018.

Overall, manufacturing conditions improved for the 12th consecutive month in July, the PMI report said.

The slight slowdown in growth came after manufacturing touched a six-month