The US ISM Manufacturing PMI fell -1.0 pt to 48.0 in July, marking a fifth straight month of contraction and highlighting broad weakness across the sector.

• Production rose +1.1 pts to 51.4, extending its modest expansion despite weak demand.
• Employment dropped -1.6 pts to 43.4, a sixth consecutive contraction and reflecting ongoing layoffs.
• Supplier Deliveries fell sharply by -4.9 pts to 49.3, signaling faster deliveries amid easing supply chain strain and weaker demand.
• Prices decreased -4.9 pts to 64.8, though still in expansion, as input cost inflation moderated but remained elevated due to aluminum and tariff effects.
• New Orders edged up +0.7 pts to 47.1, still in contraction for a sixth month, reflecting continued uncertainty from tariffs and weak buyer confidence.
• The Import and Export indexes were both mostly unchanged, remaining in contraction at 47.6 and 46.1, respectively.