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Sept. 5, 2012
Manufacturing Contracts for Third Straight Month
The manufacturing sector contracted for the third straight month in August, registering a PMI of 49.6 percent, according to the latest purchasing managers survey by the Institute for Supply Management, Tempe, Ariz. The PMI decreased 0.2 percent from July to its lowest reading since July 2009.
ISM’s New Orders Index registered 47.1 percent, a decrease of 0.9 percent from July, indicating contraction in new orders for the third consecutive month. The Production Index registered 47.2 percent, a decrease of 4.1 percentage points from the previous month, indicating contraction in production for the first time since May 2009. August saw growth in the overall economy for the 39th straight month, however, ISM reports.
“The past relationship between the PMI and the overall economy indicates that the average PMI for January through August corresponds to a 3.2 percent increase in real gross domestic product. In addition, if the PMI for August is annualized, it corresponds to a 2.4 percent increase in real GDP,” says Bradley Holcomb, chairman of the Manufacturing Business Survey Committee.
Of the 18 manufacturing industries surveyed, eight reported growth in August, including primary metals and miscellaneous manufacturing. Eight others reported contraction in August, including fabricated metal products and machinery.
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