US manufacturing activity expands fastest in six years

Source:Xinhua Published: 2017/9/2 9:11:36

US manufacturing activity in August expanded at the fastest pace in more than six years, according to a survey of purchasing managers released Friday.

The manufacturing index, also known as the purchasing managers index (PMI), edged up to 58.8 in August from 56.3 in July, the Institute for Supply Management (ISM) said.

That is the highest reading since April 2011. A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.

In August, the production index increased 0.4 points from the previous month to 61 and the employment index climbed 4.7 points to 59.9, while the new orders index dropped 0.1 point to 60.3.

"Comments from the panel reflect expanding business conditions, with new orders, production, employment, backlog and exports all growing in August," the ISM said in a statement.

Of the 18 manufacturing industries, only apparel, primary metals and furniture products recorded contraction last month.

Posted in: INDUSTRIES

blog comments powered by Disqus