2023-10-02 14:06:53
The Manufacturing Industry Composite Business Conditions Index for September released by the Institute for Supply Management (ISM) increased compared to the previous month. Although it is still in the shrinking range, it is the highest level in regarding a year. The news raises hopes that the worst may be over for U.S. manufacturers.
Key points ISM manufacturing industry index rises to 49.0 – highest level since November last year Median forecast of economists surveyed by Bloomberg is 47.9 Last month, 47.650 marks the boundary between expansion and contraction in activity
The index fell to 46.0 in June, the lowest level since May 2020, but it has risen by 3 points from that level. This was the biggest three-month increase since the three-month period ending in March 2021.
In September, the production index rose to 52.5, the highest level since July 2022. The employment index also rose to 51.2, moving into expansion territory for the first time in four months. Manufacturers were able to clear their backlog.
Although new orders are still in the contraction zone, they reached 49.2, the highest level in regarding a year.
Falling commodity prices also provided some breathing room. The purchase price index is 43.8. This was a 4.6 point decrease from the previous month, the largest decline in four months.
See table for detailed statistics.
Original title:US Factory Gauge Contracts at Slowest Pace in Nearly a Year(Excerpt), Sept. US ISM Manufacturing Rises to 49.0; Est. 47.9 (Excerpt)
(Updates with more statistics)
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