New orders in US fall in July for 1st time in 3 months

By Ovunc Kutlu

ISTANBUL (AA) - New orders in the US decreased in July for the first time in three months, global data provider S&P Global said Thursday in a report.

Output prices increased only marginally, at the slowest pace for a year, despite a further increase in input costs, it said.

New businesses decreased at the fastest pace in 2024 so far, while new export orders also declined, it added.

American firms reported a general slowdown in market demand, with clients often reluctant to commit to new projects at the current time, according to the report.

The US Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in July, from 51.6 in June, coming in below the 50 no-change mark for the first time in seven months, and signaling a slight deterioration in the health of the manufacturing sector, it added.

“Business conditions worsened in July as the first fall in new orders since April caused a near-stalling of production," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in the report. "Purchasing activity is falling and hiring has slowed amid concerns over weaker-than-anticipated sales."