Manufacturing growth continues in September, reports ISM

Even though some of its key metrics dropped sequentially from August to September, the outlook for manufacturing over all remains strong, 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, fell 2.4 percent to 56.6 in September (a PMI of 50 or greater represents growth), coming off of August’s 59.0, which was just shy of its highest reading since March 2011’s 59.1. The September PMI is 1.0 percent above the 12-month average of 55.6, with expanding in the manufacturing sector for 16 straight months and the over all economy growing for 64 months through September. Even though growth remained intact, September marked the first month on a year-to-date basis that the PMI did not see sequential growth. The ISM also reported that 15 of the 18 industries it collects data from reported growth in September.

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