Manufacturing activity declines in August, reports ISM

Manufacturing output declined in August, for the sixth consecutive month, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).

The report’s benchmark reading, the PMI, came in at 48.7 (a reading of 50 or higher indicates growth), up 0.7% from July, contracting, at a slower rate, for the sixth consecutive month, with the overall economy growing, at a faster rate, for the 64th consecutive month.

The August PMI was 0.1% below the 12-month average of 48.8, with January’s 50.9 and October’s 46.9 marking the respective high and low readings for that period.

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