The Institute for Supply Management’s manufacturing index rose to 57.1 in July, compared with June’s 55.3. The July reading marks the purchasing managers index’s highest level since April 2011. Contributing to the overall gain, the employment subindex increased 5.4 points compared to June, and the new orders subindex rose 4.5 points. The strong overall reading is consistent with solid gross domestic product growth heading into the second half of the year.
