Economic activity in the manufacturing sector expanded in September for the 33rd consecutive month, and the overall economy grew for the 76th consecutive month, according to the September Institute for Supply Management Report on Business.
The expansion in economic activity came despite another dip in the PMI. Bradley J. Holcomb, chair of the Institute for Supply Management Manufacturing Business Survey committee, reported that the PMI registered at 50.2% in September, a decrease of nearly one percentage point from August.
In addition the new orders, production and employment indexes all decreased, but remained at a level that indicates growth. Specifically, the new orders index registered 50.1%, a decrease of 1.6 percentage points from the reading of 51.7% in August. The production index fell 1.8 percentage points to 51.8% and the employment index clocked in at 50.5%, 0.7 percentage point below the August reading of 51.2%.
Of the 18 manufacturing industries, seven reported growth in September, including printing and related support activities, textile mills, furniture and related products, food, beverage and tobacco products, miscellaneous manufacturing, paper products and non-metallic mineral products.
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