US ISM PMI: Climbs to 55.6 Highest Since 2022

US ISM Manufacturing PMI printed at 55.6 for July, beating the 54.0 consensus and reaching the highest level in four years. The reading extends a seven-month streak above the 52 threshold that has preceded the strongest equity and crypto advances in prior cycles. Before this run, the index spent roughly 40 months below 51, reflecting prolonged factory contraction. The last comparable stretches in 2017 and 2020 each preceded multi-month rallies across stocks and Bitcoin. Sustained manufacturing expansion channels fresh orders through supply chains, lifting payrolls and cash flows that ultimately flow into risk assets. Japan's manufacturing PMI also printed at 54.5, its seventh straight month of growth, confirming synchronized acceleration in two major economies.