Economic activity in the manufacturing sector contracted in August for the third time since July 2009; however, the overall economy grew for the 39th consecutive month, according to the nation’s supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by the Institute for Supply Management Manufacturing Business Survey Committee. Bradley J. Holcomb, chair of the committee, said PMI registered 49.6 percent, a decrease of 0.2% from July’s reading of 49.8 percent, indicating contraction in the manufacturing sector for the third consecutive month.
The August PMI also is the lowest reading for the PMI since July 2009. The New Orders Index registered 47.1 percent, a decrease of 0.9% from July, indicating contraction in new orders for the third consecutive month.
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