Purchasing Managers’ Index Rose to 47.6% in August
Tempe, AZ, September 1, 2023-The August Manufacturing Purchasing Managers’ Index (PMI) registered 47.6%, 1.2 percentage points higher than the 46.4% recorded in July, according to the Manufacturing ISM Report On Business.
Regarding the overall economy, this figure indicates a ninth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 46.8%, 0.5 percentage point lower than the figure of 47.3% recorded in July.
The Production Index reading of 50% is a 1.7-percentage point increase compared to July’s figure of 48.3%.
The Prices Index registered 48.4%, up 5.8 percentage points compared to the July figure of 42.6%.
The Backlog of Orders Index registered 44.1%, 1.3 percentage points higher than the July reading of 42.8%.
The Employment Index registered 48.5%, up 4.1 percentage points from July’s reading of 44.4%.
The five manufacturing industries that reported growth in August are printing & related support activities; transportation equipment; food, beverage & tobacco products; petroleum & coal products; and miscellaneous manufacturing. The 13 industries reporting contraction in August-in the following order-are apparel, leather & allied products; furniture & related products; plastics & rubber products; primary metals; fabricated metal products; textile mills; electrical equipment, appliances & components; chemical products; computer & electronic products; paper products; wood products; nonmetallic mineral products; and machinery.