Oct. 12, 2016

Manufacturing Sector Grows in September

Economic activity in the manufacturing sector rebounded in September following contraction in August, reports the Institute for Supply Management, Tempe, Ariz. The PMI for September hit 51.5 percent, 2.1 percentage points better than the previous month. A reading above 50 percent indicates growth.

Of the 18 manufacturing industries surveyed, seven reported growth in September, including miscellaneous manufacturing. Fabricated metals products, primary metals, transportation equipment, machinery and electrical equipment, appliances and components were among 11 industries reporting contraction.

Other primary indices also improved in September. The New Orders Index increased 6 percentage points to 55.1 percent, the Production Index jumped 3.2 percentage points to 49.6 percent and the Employment Index increased 1.4 percentage points to 49.5 percent.

The PMI for September, if annualized, would correspond to a 2.6 percent increase in real GDP, says ISM. The year-to-date average of 50.9 percent corresponds to a 2.4 increase in U.S. GDP.


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Monday, November 20, 2017