The overall U.S. economy grew for the 100th consecutive month, thanks to increased economic activity in the manufacturing sector through September.
According to the Manufacturing Institute for Supply Management Report On Business, the September Purchasing Managers Index climbed two percentage points from August to 60.8 percent.
A reading above 50 percent indicates growth, while anything below that mark suggests shrinking.
Specifically, New Orders jumped 4.3 percentage points for a total of 64.6 percent, the Production Index climbed 1.2 percent and came in at 62.2 percent.
The Employment Index inched up 0.4 percent to 60.3 percent, the Supplier Deliveries Index hit 64.4 percent, soaring 7.3 percentage points, while the Inventories Index dipped three percentage points to 52.5 percent.
The Prices Index posted a 9.5 percentage point advance to 71.5 percent, indicating higher raw materials prices for the 19th consecutive month.
This latest report reflects expanding business conditions, with new orders, production, employment, order backlogs and export orders all growing.
Of the 18 manufacturing industries, one industry -- Furniture & Related Products -- reported contraction. However, the following 17 expanded:
- Textile Mills
- Nonmetallic Mineral Products
- Transportation Equipment
- Plastics & Rubber Products
- Paper Products
- Wood Products
- Computer & Electronic Products
- Food, Beverage & Tobacco Products
- Chemical Products
- Fabricated Metal Products
- Miscellaneous Manufacturing
- Petroleum & Coal Products
- Apparel, Leather & Allied Products
- Printing & Related Support Activities
- Electrical Equipment, Appliances & Components
- Primary Metals