Growth in U.S. manufacturing slowed in July amid ongoing supply-chain problems.
The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of manufacturing activity declined by 1.1 percentage points to a reading of 59.5. The index stood at 60.6 in June.
Any reading above 50 indicates growth in the manufacturing sector. July was the 14th consecutive month manufacturing has grown after contracting in April 2020 when the coronavirus triggered nationwide business shutdowns.
But the July reading showed slower growth in new orders and production. Manufacturers have struggled in recent months with supply-chain bottlenecks that have made it difficult for them to get computer chips and other necessary components for their products.