US July PMI Data Stable, Warning Signals for Future Growth

The PMI index for the US remained stable in July, but survey data reveals warning signals for future growth. The pace of production has noticeably slowed, and new business growth has been weak for the third consecutive month, reflecting a reduction in inventory accumulation after a strong second quarter. Supply chain delays have intensified, exports have declined, and customer resistance to high prices has increased pressure. Although inflation in raw material costs has slightly eased, energy prices and tariffs remain high, keeping inflationary pressures intact. Producers are attempting to raise prices to protect profits or enhance production efficiency, resulting in a high factory gate price inflation rate in July, while employment growth has stabilized. Business optimism regarding economic growth prospects has dropped to its lowest level since October of last year, indicating that the outlook faces downward risks in the short term.

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