Economic activity in U.S. manufacturing sector grows in Aug.

Sep 23, 2021  |  by Zhao Xinhua


Economic activity in the U.S. manufacturing sector grew in August, with the economy notching a 15th consecutive month of growth, says the latest Manufacturing ISM Report on Business released by the Institute for Supply Management based in Tempe, Arizona. The August manufacturing purchasing managers’ index (PMI) was 59.9 percent, a rise of 0.4 percentage point from the July reading of 59.5 percent.
This figure indicates expansion in the overall economy for the 15th month in a row after contraction in April 2020.
 
New orders and production are growing; employment is contracting; supplier deliveries are slowing at a slower rate; backlog is growing; raw materials inventories are growing; prices are rising; and exports and imports are growing in the United States, ISM said in a press release.
 
The new orders index registered 66.7 percent, increasing 1.8 percentage points from the July reading of 64.9 percent. The production index registered 60 percent, an increase of 1.6 percentage points compared to the July reading of 58.4 percent.
 
The prices index registered 79.4 percent, down 6.3 percentage points compared to the July figure of 85.7 percent; this is its first reading below 80 percent since December 2020 (77.6 percent).
 
The backlog of orders index registered 68.2 percent, 3.2 percentage points higher than the July reading of 65 percent.
 
Source: fibre2fashion.com

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