There was further expansion of economic activity in the manufacturing sector of the economy in August.
The Institute for Supply Management (ISM) reports its PMI (Purchasing Managers Index) came in at 58.8% -- up 2.5% from the July reading.
A reading above 50 indicates growth while anything below that shows contraction.
The overall economy grew for the 99th consecutive month.
Within the PMI, the New Orders dipped 0.1% to 60.3 %, the Production Index was up 0.4% to 61% and the Employment Index shot up 4.7% to 59.9%.
The Supplier Deliveries Index registered 57.1% an advance of 1.7%, while the Inventories Index registered jumped 5.5% to 55.5%.
The Prices Index held steady at 62%, indicating higher raw materials’ prices for the 18th straight month.
Fourteen of the 18 manufacturing industries reported growth in August:
- Textile Mills;
- Petroleum & Coal Products;
- Transportation Equipment;
- Fabricated Metal Products;
- Computer & Electronic Products;
- Paper Products;
- Electrical Equipment, Appliances & Components;
- Miscellaneous Manufacturing;
- Chemical Products;
- Nonmetallic Mineral Products;
- Plastics & Rubber Products;
- Printing amp Related Support Activities; and
- Food, Beverage & Tobacco Products.
The three industries reporting contraction were:
- Apparel, Leather & Allied Products;
- Primary Metals; and
- Furniture & Related Products.