ISM: Manufacturing Contracts For 11th Consecutive Month
Board Converting NEWS INTERNET DIRECTORY
Economic activity in the manufacturing sector contracted in September for the 11th consecutive month following a 28-month period of growth, say the nation's supply execu- tives in the latest Manufacturing ISM Report On Business. The report was issued by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management Man- ufacturing Business Survey Committee: “The Manufacturing PMI registered 49 percent in Sep- tember, 1.4 percentage points higher than the 47.6 percent recorded in August. The overall economy expanded weak- ly after nine months of contraction following a 30-month period of expansion. (A Manufacturing PMI above 48.7 per- cent, over a period of time, generally indicates an expan- sion of the overall economy.) “The New Orders Index remained in contraction territo- ry at 49.2 percent, 2.4 percentage points higher than the figure of 46.8 percent recorded in August. “The Production Index reading of 52.5 percent is a 2.5-percentage point increase compared to August's fig- ure of 50 percent. The Prices Index registered 43.8 per- cent, down 4.6 percentage points compared to the read- ing of 48.4 percent in August. “The Backlog of Orders Index registered 42.4 percent, 1.7 percentage points lower than the August reading of 44.1 percent. The Employment Index registered 51.2 per- cent, up 2.7 percentage points from the 48.5 percent re- ported in August. “The Supplier Deliveries Index figure of 46.4 percent is 2.2 percentage points lower than the 48.6 percent record- ed in August. (Supplier Deliveries is the only ISM Report On Business index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) “The Inventories Index increased by 1.8 percentage points to 45.8 percent; the August reading was 44 per- cent. The New Export Orders Index reading of 47.4 per- cent is 0.9 percentage point higher than August's figure of 46.5 percent. The Imports Index remained in contraction territory, registering 48.2 percent, 0.2 percentage point higher than the 48 percent reported in August.” Fiore continues, “The U.S. manufacturing sector con- tinued its contraction trend but at a slower rate, recording its best performance since November 2022, when the PMI also registered 49 percent. Companies are still managing outputs appropriately as order softness continues, but the month-over-month PMI improvement in September is a clear positive. “Demand eased marginally, with the (1) New Orders In- dex contracting, though at a slower rate, (2) New Export Orders Index continuing in contraction territory but with a marginal increase, and (3) Backlog of Orders Index declin- ing. The Customers' Inventories Index reading indicated CONTINUED ON PAGE 36
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October 9, 2023
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