US manufacturing hits four-year high

Data from the American Institute for Supply Management showed that manufacturing activity in the United States increased more than expected in July to reach its highest level in over four years. The Manufacturing Purchasing Managers' Index (PMI) stood at 55.6 points compared to 53.3 in June, with growth in new orders and factory employment continuing despite supply chain constraints and rising production costs due to inflationary pressures and geopolitical tensions in the Middle East.

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