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PMI Registers 61% in August

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Economic activity in the manufacturing sector expanded in August, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz. 

The August PMI registered 61.3 percent, an increase of 3.2 percentage points from the July reading. 

Of the 18 industries that report to ISM, 16 reported growth in August, including miscellaneous manufacturing, appliances and components, machinery, transportation equipment and fabricated metal products. Two industries reported contraction in August, including primary metals.

The New Orders Index registered 65.1 percent, an increase of 4.9 percentage points from July. The Production Index registered 63.3 percent, a 4.8 percentage point increase from July. The Employment Index registered 58.5 percent, a 2 percentage point increase from July.

The August PMI, if annualized, would correspond to a 5.6 percent increase in real GDP, according to Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.

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