US July PMI Data Stable, Warning Signals for Future Growth

The PMI index for July in the United States remains stable, 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 buildup following strong accumulation in the 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 eased slightly, energy prices and tariffs remain high, keeping inflationary pressures intact. Producers are protecting their profits by raising prices or improving production efficiency, with factory gate price inflation remaining high 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 downside risks in the short term.