Sept. 14, 2016
 
Manufacturing Contracts in August

Economic activity in the manufacturing sector contracted in August following five consecutive months of expansion, reports the Institute for Supply Management, Tempe, Ariz. The August PMI of 49.4 percent was down 3.2 percentage points from July and below the 50 percent mark that indicates growth.

Of the 18 manufacturing industries surveyed, only six reported growth in August, including miscellaneous manufacturing. Fabricated metal products, primary metals, appliances and components, transportation equipment and machinery were among the 11 industries reporting contraction during the month.

The PMI was not the only index that contracted in August. ISM’s New Orders Index decreased 7.8 percentage points to 49.1 percent, the Production Index declined 5.8 percentage points to 49.6 percent, and the Employment Index was at 48.3 percent, 1.1 percentage points behind July.

If annualized, the August PMI would equate to 2 percent growth in U.S. GDP. The year-to-date average PMI of 50.9 percent would correspond with a 2.4 percent increase in GDP, according to ISM.


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Friday, October 20, 2017