While the September PMI published by the Tempe, Ariz.-based Institute for Supply Management (ISM) Manufacturing Business Survey Committee decreased 2.4 points from August’s reading of 59% to 56.6%, it still indicates continued expansion in manufacturing.
The New Orders Index registered 60%, a decrease of 6.7 points from the 66.7% reading in August, indicating growth in new orders for the 16th consecutive month. The Production Index registered 64.6%, 0.1 percentage point above the August reading of 64.5%. The Employment Index grew for the 15th consecutive month, registering 54.6%, a decrease of 3.5 percentage points below the August reading of 58.1%. Inventories of raw materials registered 51.5%, a decrease of 0.5 percentage point from the August reading of 52%, indicating growth in inventories for the second consecutive month. Comments from the panel reflect a generally positive business outlook, while noting some labor shortages and continuing concern over geopolitical unrest. Details