ISM Manufacturing Index Slips but Shows Continued Expansion
U.S. manufacturing activity dipped in August, but continued to show expansion for the 25th consecutive month, the Institute for Supply Management said Thursday.
ISM’s monthly factory index declined to a reading of 50.6, a two-year low, from a 50.9 reading in July, the group said. Figures over 50 indicate expansion.
The reading was higher than economists’ projections of a drop to 48.5, Bloomberg reported.
Ten of 18 manufacturing sectors showed expansion for the month, ISM said.
ISM’s factory index measures manufacturing components of the economy.
