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Morgan Stanley has raised its July ISM Manufacturing PMI forecast to 53.8 from 53.3, pointing to stronger factory activity in Texas, increased production, and solid new orders as the basis for the revision.
manufacturing is tracking ahead of the bank's prior expectations for July.
Demand signals behind the revision Morgan Stanley (MS) said longer delivery times and higher inventory levels reflect stronger demand, and it drew an explicit line between that reading and what supply chain disruption would produce.
The clarification carries weight. Delivery lags and inventory builds can read as either a demand surge or a logistics bottleneck, and the interpretation shapes how markets and policymakers respond to the incoming data.
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