Economic activity in the manufacturing sector grew in July for the 38th consecutive month, while the overall economy grew for the 57th consecutive month, according to the Institute for Supply Management's Manufacturing Report on Business.

ISM's PMI registered 54.7 percent in July, an increase of 0.9 percent compared to June. A reading above 50 percent indicates that the manufacturing economy is expanding, and a reading below 50 percent indicates that it is contracting.

“Manufacturing growth accelerated in July, driven by an upswing in production following June's increase in new orders,” said Norbert J. Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. During this timeframe, employment expanded (after a one-month decline), while inventories grew following two months of contraction.

“The overall message is that manufacturing is proving to be quite resilient in the face of higher interest rates and weakening consumer spending,” Ore explained.

The top 12 industries reporting growth in July are: primary metals; food, beverage and tobacco; electrical equipment; appliances and components; chemicals; furniture; miscellaneous manufacturing; petroleum and coal; computer and electronics; paper products; plastics and rubber products; nonmetallic minerals; and machinery.

The Manufacturing ISM Report on Business is based on data compiled from purchasing and supply executives nationwide.