Manufacturing contracted in September, as the PMI registered 47.8%, a decrease of 1.3% from the August reading of 49.1%. This is the lowest reading since June 2009, the last month of the Great Recession, when the index registered 46.3%.
“The PMI contracted for the second straight month. The contraction continues six straight months of softening in manufacturing. Only one of the PMI sub-indexes (supplier deliveries) registered at a level associated with expansion. Two of the six big industries expanded, and four contracted,” says Timothy R. Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.