US: Activity in the manufacturing sector expands at a faster-than-expected pace in July - Markit

"At 55.5 in July, the seasonally adjusted IHS Markit Flash U.S. Manufacturing Purchasing Managers’ was little-changed since June (55.4) and well above the average since this index began
in May 2007 (52.6)," Markit Economics reported on Tuesday.

Key takeaways from the official publication

• A relatively strong improvement in manufacturing business conditions reflected robust new order growth, alongside a solid upturn in both production volumes and employment numbers.
• Survey respondents widely commented on low stocks among suppliers and capacity constraints across the freight industry. 
• On the inflation front, latest data revealed another sharp rise in average cost burdens, which manufacturers overwhelmingly attributed to higher raw material prices.
• Despite concerns about higher input costs and tight labour market conditions, manufacturing companies remained upbeat about the year-ahead business outlook.