Canned Fish Factory. Food Industry. Sardines In Red Tomato Sauc
Canned fish factory. Food industry. Sardines in red tomato sauce in tinned cans at food factory. Food processing production line. Food manufacturing industry. Many can of sardines on a conveyor belt.

The food, beverage, and tobacco industry was one of seven that contracted in July, while manufacturing as a whole continued to grow but at a slower rate, according to the most recent Manufacturing ISM® Report on Business®. The July manufacturing PMI was 52.8%, down 0.2 percentage points from June.

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Overall, the biggest change was in the prices index, which declined 18.5 percentage points to 60%. This means that prices are still increasing, but at a slower rate. Meanwhile, new orders and employment are both contracting.

The food, beverage, and tobacco industry reported a decrease in production, a decrease in employment, and contracting inventories. On a positive note, the industry reported growth in new export orders.

According to one industry respondent, “Growing inflation is pushing a stronger narrative around pending recession concerns. Many customers appear to be pulling back on orders in an effort to reduce inventories.”

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