Manufacturing contracts for second straight month
Manufacturing contracted in September, as the Institute for Supply Management's PMI registered 47.8 percent, a decrease of 1.3 percentage points from the August reading of 49.1 percent.
This is the lowest reading since June 2009, the last month of the Great Recession, when the index registered 46.3 percent.
“The PMI contracted for the second straight month. The contraction continues six straight months of softening in manufacturing. Only one of the PMI subindexes (Supplier Deliveries) registered at a level associated with expansion. Two of the six big industries expanded, and four contracted,” said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
Comments from the panel reflect a continuing decrease in business confidence. September was the second consecutive month of PMI contraction, at a faster rate compared to August. Click here for details.
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