While seeing a slight sequential increase, manufacturing output contracted again in August, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).
The report’s benchmark metric, the PMI increased 1.2%, to 47.6 (a reading of 50 or higher indicates growth), contracting, at a slower rate, for the tenth consecutive month. The past ten months of contraction were preceded by a stretch of 29 consecutive months of growth. ISM also said that the overall economy contracted, at a slower rate, in August, for the ninth consecutive month, which was […]
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