Oct. 14, 2015

September PMI Shows Slowing Growth

Economic activity in the manufacturing sector expanded again in September for the 33rd consecutive month, but the PMI of 50.2 percent was the lowest reading since May 2013, reports the Institute for Supply Management, Tempe, Ariz. September’s PMI was down 0.9 of a percentage point from August and just barely above the 50 percent level that indicates growth.

Of the 18 manufacturing industries surveyed, only seven reported growth in September, including miscellaneous manufacturing. Among the 11 industries reporting contraction in September were primary metals, fabricated metal products, transportation equipment, and appliances and components.

Other indices also demonstrated slowing growth in September. ISM’s New Orders Index registered 50.1 percent, down from 51.7 percent in August; the Production Index was at 51.8 percent, a decrease of 1.8 percentage points; and the Employment Index hit 50.5 percent, a decline from the August reading of 51.2 percent.

September’s PMI of 50.2 percent corresponds to a 2.2 percent increase in real annual GDP, says ISM. The average PMI of 52.2 percent for the year corresponds to a 2.9 percent increase in real GDP.


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Tuesday, October 17, 2017