ISM: Manufacturing grew for the 13th straight month
Index rises to 56.3, as a "very positive rate" of growth is cited
Economic activity in the expanded in August for the 13th consecutive month, and the grew for the 16th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The August manufacturing index rose to 56.3, up 0.8 points from the July 55.5 figure. Anything over 50 indicates growth.
The report was issued Sept. 1 by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "Manufacturing activity continued at a very positive rate in August as the PMI rose slightly when compared to July. In terms of month-over-month improvement, the Production and Employment Indexes experienced the greatest gains, while new orders continued to grow but at a slightly slower rate. August represents the 13th consecutive month of growth in U.S. manufacturing."
Eleven of the 18 manufacturing industries are reporting growth in August, in the following order: Primary Metals; Apparel, Leather & Allied Products; Transportation Equipment; Fabricated Metal Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Computer & Electronic Products; Paper Products; Chemical Products; Food, Beverage & Tobacco Products; and Printing & Related Support Activities. The five industries reporting contraction in August are: Furniture & Related Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Plastics & Rubber Products; and Machinery.
For more information and a table, go to the August 2010 Manufacturing ISM Report on Business.