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Daily Roundup of Key US Economic Data for Aug. 3

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The ISM manufacturing index rose to 55.6 in July from a 53.3 level in June due to gains in the index readings for new orders, production, and employment while the prices paid measure declined.

The headline reading was the highest since May 2022, according to ISM.

The S&P Global manufacturing PMI was revised higher to 53.9 in July from the flash estimate of 53.8, leaving it unchanged from the previous month.

Construction spending fell by 0.1% in June after an unchanged reading in May. Private residential construction fell by 0.3%, with single-family construction down 0.6% and multi-family construction down 0.7% but remodeling activity up 0.1%.

Private nonresidential construction rose by 0.1%, while public construction held virtually steady.

The Q3 GDP nowcast estimate from the Atlanta Fed is for a 6.2% gain, revised up from 5.0% in the previous estimate.

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