ISM reports economic growth
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Aug 2002 20:42
The manufacturing sector experienced growth for the sixth consecutive month in July, and the overall economy grew for the ninth straight month, as stated by the Institute for Supply Management’s (ISM) report on business.
“For manufacturing, July was only slightly better than June,” said Norbert Ore, chair of the Institute for Supply Management Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corp. “The PMI [Purchasing Manager’s Index] declined, but still indicated growth as 12 industries reported improvements in July. The decline in the PMI was primarily driven by a weak showing in July’s new orders, which may be due to a pause in inventory replenishment.”
ISM’s PMI fell 5.7 percentage points from 56.2% in June to 50.5% in July, and ISM’s New Orders Index also reported a decline from 60.8% in June to 50.4% in July. Its Production Index dropped 5.7 percentage points from 61.4% in June to 55.7% in July, and its Employment Index fell 4.7 percentage points to 45% for July, down from June’s 49.7%.
Of the 20 industries in the manufacturing sector, the 12 industries to post gains were apparel, textiles, tobacco, rubber and plastics products, transportation and equipment, chemicals, food, primary metals, printing and publishing, instruments and photographic equipment, wood and wood products, and furniture.
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