The Institute for Supply Management (ISM) released its month report on business Thursday, indicating that its PMI index, a gauge of manufacturing activity, registered 50.6 percent in August--any reading over 50 signifies growth. The 50.6 percent reading is a 0.3 percent decline from July, but it indicates that manufacturing activity expanded for the 25th consecutive month, albeit at a slower rate.
The Production Index registered 48.6 percent, indicating contraction for the first time since May 2009, while the New Orders and Backlog of Orders Indexes edged up slightly from July.
The export reading fell 3.5 percent in August to 50.5 percent as imports rose 2 percent to 55.5 percent.
Of the 18 manufacturing industries, 10 reported growth in August, including fabricated metal products, transportation equipment and machinery. Meanwhile, the primary metals manufacturing industry contracted in August. Additionally, commodities that registered lower prices in August include steel and cold rolled steel in particular.