Economic Update July 2022
- Meanwhile, manufacturing production contracted slightly for the first time since June 2020, pulling the S&P Global Flash U.S. Manufacturing PMI somewhat lower and down to the weakest growth rate in two years. New orders and exports also declined at faster rates in July, and hiring softened. Manufacturers continue to grapple with geopolitical challenges, supply chain bottlenecks, workforce shortages and soaring costs.
- With that said, the index for future output signaled cautious optimism for production over the next six months, albeit at the weakest outlook since October 2020. Raw material costs eased somewhat in July but remained very elevated.
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