Manufacturing Index Shows Growth Slowing
October 5, 2011 by UPI - United Press International, Inc.
TEMPE, Ariz., Oct. 5 (UPI) — U.S. manufacturing activity made gains in September, but at a slower pace than August, the Institute of Supply Management said Wednesday.
The headline index (the Purchasing Manager’s Index) dropped from 53.3 in August to 53, the institute said.
Numbers above 50 indicate growth. Below 50 indicates a contraction.
The institute said 9 of 18 manufacturing groups showed growth, down from 10 in August. The strongest growth in September came from mining; management of companies and support services; utilities and wholesale trades.
Declining industries included arts, entertainment and recreation; educational services and professional, scientific and technical services.
September marked the 22th consecutive month of growth in manufacturing. New orders, after slumping in recent months, rose from 52.8 to 56.5. Employment, however, slowed, with that index dropping from 51.6 to 48.7.