Economic activity in the US manufacturing sector grew in August, with the overall economy notching a fourth consecutive month of growth, according to the latest Manufacturing ISM Report On Business.
The August PMI registered 56 percent, up 1.8 percentage points from the July reading of 54.2 percent. This figure indicates expansion in the overall economy for the fourth month in a row after a contraction in April, which ended a period of 131 consecutive months of growth. Index breakdown:
|Index||August level||July level|
|Backlog of Orders||54.6||51.8|
|New Export Orders||53.3||50.4|
Of the 18 manufacturing industries, 15 reported growth in August, in the following order: wood products; plastics and rubber products; food, beverage and tobacco products; textile mills; chemical products; computer and electronic products; primary metals; fabricated metal products; machinery; apparel, leather and allied products; nonmetallic mineral products; miscellaneous manufacturing; electrical equipment, appliances and components; paper products; and transportation equipment.
The three industries reporting contraction in August are: printing and related support activities; petroleum and coal products; and furniture and related products.