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<p>The ISM Manufacturing Index declined by -1.1% to 59.5% in July, yet it remains at one of the highest levels of the past 30 years.  Broad strength in the index was evidenced by 17 of the 18 manufacturing industries reporting growth last month.  However, supply/demand imbalances have persisted and pushed the Customer Inventories component to the lowest level on record – indicating that pricing pressures will likely remain high as companies continue to scramble to refill their depleted inventories.</p>
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