India, Aug. 1 -- Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday.
The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction. The dip surprised economists, who had expected the index to creep up to 49.5.
With the unexpected decrease, the manufacturing PMI fell to its lowest level since hitting 46.9 in October 2024.
The pullback by the headline index came as the employment index fell to 43.4 in July from 45.0 in June, suggesting the manufacturing sector lost jobs at a faster rate.
The supplier deliveries index also slum...