ISM July PMI hits four-year high, but price pressures linger
The ISM July 2026 Manufacturing PMI jumped to 55.6, the strongest since May 2022, driven by a 6.3‑point surge in production and a 3.1‑point rise in employment – the first hiring expansion in 33 months. Yet the Prices Index stayed near 71, signaling persistent cost pressures that keep the Fed on edge.