U.S. Manufacturing Index Inches Higher In September But Still Indicates Contraction
(RTTNews) - A report released by the Institute for Supply Management on Wednesday showed its reading on U.S. manufacturing activity crept slightly higher in September but continued to indicate contraction.
The ISM said its manufacturing PMI edged up to 49.1 in September from 48.7 in August, although a reading below 50 still indicates contraction. Economists had expected the index to inch up to 49.0.
With the slightly bigger than expected increase, the manufacturing PMI reached its highest level since hitting 50.3 in February.
Manufacturing activity contracted for the seventh consecutive month, following a two-month expansion preceded by 26 straight months of contraction, the ISM noted.
The uptick by the headline index partly reflected a turnaround by production, as the production index climbed to 51.0 in September from 47.8 in August.
The employment index also rose to 45.3 in September from 43.8 in August, but the new orders index slid to 48.9 in September from 51.4 in August, indicating a downturn.
The report said the prices index also fell to 61.9 in September from 63.7 in August, suggesting raw materials prices increased for the 12th straight month but at a slower rate.
On Friday, the Institute for Supply Management is scheduled to release a separate report on service sector activity in the month of September.
The ISM's services PMI is expected to edge down to 51.7 in September from 52.0 in August, but a reading above 50 would still indicate growth.
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