The Institute for Supply Management is reporting manufacturing in the U.S. grew for the 13th consecutive month in August, while the overall U.S. economy has grown for 16 consecutive months.
The institute’s Manufacturing ISM Report on Business showed a PMI reading of 56.3 in August, compared to 55.5 in July. A reading above 50 shows manufacturing is growing. The PMI had its highest reading in April at 60.4, and has averaged 56.6 over the last 12 months.
In a statement released with the report, Norbert Ore, chair of the Institute for Supply Management’s Business Survey committee, says production and employment indexes experienced the highest gains.
The report said 11 of the 18 manufacturing industries ISM covers experienced growth. Those segments include transportation equipment, food, beverage and tobacco products, fabricated metals and electrical equipment. Five industries shrank in August: furniture and related products; petroleum and coal products; non-metallic mineral products; plastics and rubber products; and machinery.
For more information on the report, click here.
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