[Watch the Video] July Short Cycle Monitor

Research evidence excerpt

[Watch the Video] July Short Cycle Monitor

USA | Industrials EquityJulyResearch19, 2026

On our most recent monthly Short Cycle Monitor call, Steve DeSanctis and

Chirag Patel discuss takeaways from our monthly data-driven publication “The

Short-Cycle Monitor" (link to July edition), highlighting trends in data that

support our view of a broadening out of industrial green shoots we started to

observe at the start of the year. The call is an opportunity for investors to delve .

into how the data affects the 200+ names covered by contributing analysts.

July Results read +2 for the Diffusion Index which signals improvement in end market conditions.

It follows a -2 reading in June, +6 in May, and +3 in both of March and February so the YTD trend

has been strong. The breakdown included 6 end-markets were better (vs. 3 last month), while 4

were weaker (vs. 5 last month) and 1 was neutral (vs 3 last month). Better end-markets included

Automotive, Manufacturing, Oil & Gas, Transportation, Europe, and Asia. Weaker end markets M/M

were Ag, Heavy Construction/Infrastructure, Residential, and Steel. A&D was the only neutral end

market M/M. The analyst teams did indicate that they continue to observe positive signals around

a broadening of green shoots across the US industrial economy, and the ISM PMI has now been in

expansion for six consecutive months. This could strengthen further in the months to come if the

Middle East conflict winds down. Read the July Edition HERE.

Replay: Watch the replay of our July 17th Short Cycle monitor monthly call for a discussion of key

trends we see emerging in the data and what they mean for our industrials coverage. This month,

Steve DeSanctis and Chirag Patel highlight trends in data that support our view of a broadening