**As seen in Risk In The Week report 08/26/2022, subscribe at cablefxm.co.uk/reports
The July factory gauge came at 52.8, above expectations but softer than the previous figure of 53. The prices paid index fell sharply to 60 from 78.5, this was the largest drop seen since 2010. Factory orders deepened further into contraction at 48, employment rebounded to 49.9, this was a second consecutive month of contraction and the lowest level since May 2020. Production eased to 53.5, this was the lowest since May 2020. As of July, only 3/11 ISM manufacturing indexes print below the 50.0 watermark. The desk at CIBC notes that regional PMIs point to a drop in the ISM Mfg PMI, they see the figure at 51.9 for August. CIBC expects a slowdown in new orders, demand, production, and supplier deliveries sub-index as supply chain issues ease. - Cable FX Macro
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