Economic activity in the US manufacturing sector expanded in August, and the overall economy grew for the 112th consecutive month, according to the latest Manufacturing ISM Report On Business.
The August PMI registered 61.3 percent, an increase of 3.2 percentage points from the July reading of 58.1 percent.
The New Orders Index registered 65.1 percent, an increase of 4.9 percentage points from the July reading of 60.2 percent.
The Production Index registered 63.3 percent, a 4.8-percentage point increase compared to the July reading of 58.5 percent.
The Employment Index registered 58.5 percent, an increase of 2 percentage points from the July reading of 56.5 percent.
The Supplier Deliveries Index registered 64.5 percent, a 2.4-percentage point increase from the July reading of 62.1 percent.
The Inventories Index registered 55.4 percent, an increase of 2.1 percentage points from the July reading of 53.3 percent.
The Prices Index registered 72.1 percent in August, a 1.1-percentage point decrease from the July reading of 73.2 percent, indicating higher raw materials prices for the 30th consecutive month.
Of the 18 manufacturing industries, 16 reported growth in August, in the following order: computer and electronic products; apparel, leather and allied products; textile mills; paper products; miscellaneous manufacturing; electrical equipment, appliances and components; furniture and related products; machinery; nonmetallic mineral products; transportation equipment; food, beverage and tobacco products; petroleum and coal products; plastics and rubber products; fabricated metal products; chemical products; and printing and related support activities.
The two industries reporting contraction in August are: wood products; and primary metals.