Oct. 11, 2017

September PMI at 60.8 Percent

Economic activity in the manufacturing sector continued to expand in September, according to the latest Manufacturing Report on Business from the Institute for Supply Management, Tempe, Ariz. The September PMI was 60.8 percent, up 2.0 percentage points from the August number.

According to the ISM, 17 of the 18 manufacturing industries reported growth in September, including primary metals, fabricated metal products, machinery, appliances and components, transportation equipment, and miscellaneous manufacturing. Only the furniture and related products industry reported contraction during the month.

Among other indices, the New Orders Index increased 4.3 percentage points from August to 64.6 percent. The Production Index jumped 1.2 percentage points to 62.2 percent for the month, the Employment Index increased 0.4 percentage points to 60.3 percent and the Supplier Deliveries Index climbed 7.3 percentage points to 64.4 percent.

If September’s 60.8 percent PMI is annualized, it corresponds to a 5.5 percent increase in real GDP annually, says Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee. "The past relationship between the PMI and the overall economy indicates that the average PMI for January through September (57.1 percent) corresponds to a 4.4 percent increase in real gross domestic product,” he adds.

The Manufacturing ISM Report on Business is based on data compiled from purchasing and supply executives nationwide. In the manufacturing sector, a PMI above 50 percent represents growth.


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Thursday, November 23, 2017