US manufacturing PMI falls to 7-month low

By Ovunc Kutlu

ISTANBUL (AA) - The US Manufacturing Purchasing Managers’ Index (PMI) declined in July to its lowest in seven months, global data provider S&P Global said Wednesday in a report.

The index, which measures the activity level of purchasing managers in the manufacturing sector, lost 2.1 points to 49.5 in July from 51.6 in June, according to initial figures.

The expectation for the index was to come in at 51.7. A reading above 50 indicates expansion and below 50 shows contraction.

"Manufacturing output slipped into decline for the first time in six months," said the report.

"Falls in new orders, production and inventories contributed to the decline in the PMI, the former dropping especially sharply. A reduced rate of employment growth also acted as a drag on the PMI," it added.