Source: Institute for Supply Management
The US manufacturing sector expanded in September to indicate the 16th straight month of expansion of the overall economy, as all of the biggest industries posted moderate to strong growth during the month.
- The Manufacturing PMI stood at 61.1% in September, up 1.2 percentage points from 59.9% in August.
- The increase comes as moderate to strong growth was recorded in petroleum and coal; computer and electronics; chemical products; food, beverage, and tobacco; fabricated metals; and transportation equipment.
- New orders for the month were flat, while increases were recorded in employment, supplier deliveries, inventories, prices, and imports.
- Declines were seen in production, the backlog of orders, and new export orders.
- Factors that affected the latest reading include the supply shortages, and the impact of hurricane Ida on the petrochemical industry.
- Customer demand continues to climb ahead of the holiday season and the fourth quarter, with overall growth said to be “extremely” good for the year.