The ISM manufacturing index surged to 55.6 in July, its highest level since May 2022, exceeding Wall Street expectations of 54.0. Employment in the manufacturing sector expanded for the first time in 33 months, though inflation concerns persist with the prices index at 71.1, the 22nd consecutive month that nearly three-quarters of respondents reported rising prices. Several industry executives surveyed said current volatility is more difficult to manage than during the Covid-19 pandemic. The Federal Reserve held rates steady at 3.5%-3.75%, but analysts expect a hike as early as September, with odds at 64.5% according to CME Group’s FedWatch. Goldman Sachs revised its third-quarter growth forecast upward to 2.4%.
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