09202018Thu
Last updateThu, 20 Sep 2018 3pm

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Manufacturing & The Economy

Manufacturing Expanded at Fastest Pace in More Than Six Years

According to the Institute for Supply Management (ISM), manufacturing expanded in August as the purchasing managers index (PMI) registered 58.8%, an increase of 2.5% from the July reading of 56.3%. This indicates growth in manufacturing for the 12th consecutive month and is the highest reading since April 2011, when the index registered 59.1%.

The past relationship between the PMI and the overall economy indicates that the average PMI for January through August (56.7%) corresponds to a 4.2% increase in real GDP on an annualized basis. 

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