Sept. 13, 2017

August PMI at 58.8 Percent

Economic activity in the manufacturing sector expanded in August, according to the latest Manufacturing Report on Business from the Institute for Supply Management, Tempe, Ariz. The August PMI was 58.8 percent, compared with 56.3 percent in July. In the manufacturing sector, a PMI above 50 percent represents growth.

In August, 14 of the 18 manufacturing industries reported growth, including fabricated metal products, machinery, appliances and components, transportation equipment, and miscellaneous manufacturing. The primary metals industry was among the three industries that reported contraction in August.

Among other indices, the New Orders Index dipped slightly to 60.3 percent, compared with 60.4 percent in July. The Production Index increased 0.4 percentage points to 61 percent, the Employment Index jumped 4.7 percentage points to 59.9 percent and the Supplier Deliveries Index increased 1.7 percentage points to 57.1 percent.

If August’s 58.8 percent PMI is annualized, it corresponds to a 4.9 percent increase in real GDP annually, says Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee. Additionally, the average PMI of 56.7 percent for the first eight months of 2017 corresponds to a 4.2 percent increase in GDP.


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Tuesday, October 24, 2017