According to a recent MDM article, the Institute for Supply Management’s Purchasing Manager’s Index increased 3.2 percentage points during the month to a reading of 61.3. This was its highest level since May 2004, when the index reached a reading of 61.4.
ISM said the results indicate strong growth in manufacturing for the 24th straight month, led by continued expansion in all of the Report’s subindexes. A PMI above 50 percent indicates the manufacturing economy is expanding; a reading below 50 percent indicates it is contracting. ISM said the results show that the overall economy grew for the 112th straight month in August.
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