Orders for the products of U.S. manufacturers fell for the second consecutive month in July, the latest sign that the economy has lost its footing.
The Institute for Supply Management’s index of new orders fell 1.2 percentage points to a score of 48, the second consecutive month below 50, the level that divides an expansion from a contraction. ISM’s overall barometer of manufacturing fell two-tenths of a percentage point to 52.8, the lowest figure since June of 2020 and an indication that growth has continued to slow.
A survey by S&P Global Market Intelligence also found new orders for goods manufactured in the U.S. dropped for a second consecutive month. S&P Global’s broad index of manufacturing fell to 52.2 in July, down from