Manufacturing economic activity saw another month of contraction in September. This marks the 11th consecutive month of this trend, according to the latest Manufacturing ISM® Report On Business® .The September Manufacturing PMI® came in at 49%, 1.4 percentage points more than August’s 47.6%.
Although still considered a contraction, Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee, said that a Manufacturing PMI® over 48.7% over a period of time generally indicates an expansion of the overall economy. He stated that the U.S. manufacturing sector recorded its best performance since November 2022 (when the PMI® also registered at 49%) and said the month-over-month PMI® improvement is “a clear positive.”
The food, beverage, and tobacco industry was one of five that registered growth in September. The industry also reported growth in new orders, growth in production, and employment growth. The industry also paid decreased prices for raw materials during the month.
One industry respondent remarked, “Cost increases are now generally isolated to specific commodities rather than blanket increases due to ‘inflation.’”
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