PMI at 59.8% in September
By Metal Center News Staff
on Oct 10, 2018
Economic activity in the manufacturing sector expanded in September, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz. The September PMI registered 59.8 percent, a decrease of 1.5 percentage points from the August reading.
Of the 18 industries that report to ISM, 15 reported growth in September, including miscellaneous manufacturing, machinery, appliances and components, transportation equipment and fabricated metal products. Primary metals was the industry reporting contraction in September.
The New Orders Index registered 61.8 percent, a decrease of 3.3 percentage points from August. The Production Index registered 63.9 percent, a 0.6 percentage point increase from August. The Employment Index registered 58.8 percent, a 0.3 percentage point increase from August.
The September PMI, if annualized, would correspond to a 5.1 percent increase in real GDP, according to Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.