New orders growth spurs strong manufacturing performance in August, reports ISM

While summer may be nearing its end, the climate in the manufacturing sector remains very warm, according to the most recent edition of the Manufacturing Report on Business issued today by the Institute for Supply Management (ISM).

The PMI, the ISM’s index to measure growth, headed up 1.9 percent to 59.0 in August (a PMI of 50 or greater represents growth), just shy of its highest reading since March 2011’s 59.1. What’s more, August’s PMI is 4.5 percent higher than the 12-month average of 55.5, and economic activity in the manufacturing sector has expanded for 15 straight months, with the overall economy growing for the 63rd straight month.

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