Manufacturing Contracts Slightly in August
Washington, DC, Sept 2, 2008--U.S. manufacturers cut back production slightly in August, according to the Institute for Supply Management.
The ISM index unexpectedly fell to 49.9% in August from 50% in July. The consensus forecast of estimates was for the index to hold steady at 50%. Readings below 50 indicate contraction.
The new orders index rose to 48.3% in August from 45.0% in July. The price-paid index retreated in August.