US manufacturing activity hits more than four-year high; input prices elevated

U.S. manufacturing activity reached its highest level in more than four years in July, driven by strong order growth and improving factory employment. The Institute for Supply Management survey still showed widespread negative sentiment, with the Middle East conflict straining supply chains and keeping input costs elevated. The manufacturing PMI increased to 55.6 from 53.3 in June. ISM’s prices-paid gauge remained high, even as the pace of price increases slowed.