the numbers a barometer of business conditions at american factories rose slightly in july but remained at depressed levels indicating little improvement in the industrial side of the economy the institute for supply management’s manufacturing survey edged up to 464 from 46 in in the prior month the june reading was the lowest since the onset of the pandemic in 2020 numbers below 50 signal contraction the index has been negative for nine months in a row a dubious streak last matched during the 20072009 great recession economists polled by the wall street journal had forecast the index to register 468 in june big picture the industrial side of the economy is unlikely to make a full recovery until the federal reserve stops raising interest rates or the threat of recession passes the fed increased rates again last week as it battles to bring down high inflation the central bank could lift rates again in september if prices pressures don’t continue to ease higher borrowing costs slow the economy and can also trigger a recession yet the much larger service side of the economy hightech banking travel health care and the like is still expanding and keeping the us on an even keel market reaction the dow jones industrial average djia and sp 500 spx were mixed in tuesday trades