10/3/2022, 4:02 PM (Source: TeleTrader)
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US manufacturing activity expands in September - ISM

The growth in activity in the United States' manufacturing sector continued in September for the 28th consecutive month, yet at a lower pace than in August and failing market expectations, the Institute for Supply Management (ISM) revealed in its report published on Monday.

The Manufacturing Purchase Managers' Index (PMI) came in at 50.9%, declining by 1.9 percentage points in comparison to August's figure. The Production Index advanced by 0.2 percentage points compared to the month before to 50.6%. Over the same period, the Prices Index decreased by 0.8 percentage points to 51.7%. The New Orders Index and the Employment Index turned to contraction, going down by 4.2 percentage points to 47.1% and by 5.5 percentage points to 48.7%, respectively.

"The US manufacturing sector continues to expand, but at the lowest rate since the pandemic recovery began. Following four straight months of panelists’ companies reporting softening new orders rates, the September index reading reflects companies adjusting to potential future lower demand," ISM Manufacturing Business Survey Committee Chair Timothy R. Fiore commented.

Baha Breaking News (BBN) / JR