Just about no bad news into this month's report from the Institute for Supply Management. The only index less than 50 is manufacturers' inventories, at 49.9, and anything over 42.3 means growth. The overall index stands at 62, over 60 again. Employment is at 57.3, growing, albeit a little more slowly than last month. More good news is that customers' inventories are still very low, an index of 37.5, and price pressure, while still strong at 77.0, continues to drift downwards as commodities producers increase production in a tight market.

Overall, the ISM judges, both the economy and the manufacturing sector picked up steam in July.