The revised estimate, up from 53.3, cites stronger Texas factory activity, rising production and solid new orders as signs of firmer U.S. manufacturing momentum.
Morgan Stanley lifted its July forecast for the ISM Manufacturing PMI to 53.8 from 53.3, pointing to stronger Texas factory activity, rising production and solid new orders. The revision suggests the bank sees manufacturing conditions improving more than previously expected, with a reading above 50 typically indicating expansion in the sector.