US Manufacturing PMI For July 55.6%. Highest Since May 2022

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Quick guide to interpreting ISM Manufacturing PMIAbove 50: Manufacturing is expanding (more firms reporting improvement than decline versus the prior month). The farther above 50, the faster/stronger the expansion.
50: Neutral / no change.
Below 50: Manufacturing is contracting.
Sustained readings above ~47.5 generally signal overall U.S. economic (GDP) expansion; the July 55.6 reading was said to correspond to roughly 2.8% annualized real GDP growth based on historical relationships.

Common qualitative ranges used by analysts and markets: 55+: Strong expansion (this is where the July figure sits—healthy and accelerating demand/output, with employment also turning positive).
50–55: Solid/healthy but more moderate growth.
Above 60: Very robust (rarer in recent decades and sometimes associated with capacity strains or overheating risks).
Sustained readings well below 50 (especially near or under the low-40s) raise recession concerns for manufacturing and potentially the broader economy.

The long-term historical average (since 1948) is roughly in the low-to-mid 50s (around 52.8). Readings like 55.6 are therefore comfortably above average and represent clear positive momentum after earlier periods of contraction

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