• Prior reading was 50.9 (unrevised)
  • Employment 54.4 vs 48.7 in June (highest since June 2012)
  • New orders 58.3 vs 51.9 in June (highest since April 2011)
  • Prices paid 49.0 vs 52.5 in June

It has been tough to get a clear picture of US manufacturing lately. One problem is plant shutdowns in the summer for retooling which is a headache for seasonal adjustment. Overall the trend has also been lower, and dramatically lower in pockets so this is a welcome (and huge) surprise.

The trend in the index is still unclear but the Fed is filled with optimists at the moment and they’ll see this as a sign of the economy gaining traction.