US: ISM manufacturing to print 56.5 for July - Nomura

The analysis team at Nomura is forecasting a 56.5 print for the July US ISM manufacturing index (Consensus: 56.4), implying a slight decline from 57.8 in June.

Key Quotes

“We expect sentiment to stay elevated, although a slight moderation is possible. Manufacturers’ sentiment has remained solid throughout H1. Some regional surveys reported notable declines in their headline indexes in July, but these remained at high levels. Further, incoming data on orders and shipments suggest steady growth in manufacturing activity. Core capital goods shipment and orders increased at a healthy pace in Q2, suggesting continued momentum in the months ahead. For this reason, we believe manufacturers’ optimism remained resilient in July.”