U.S. manufacturing grew in August for the 25th consecutive month and the overall economy grew for the 27th straight month, supply executives said Thursday.
The latest Manufacturing ISM Report On Business registered 50.6 percent, a 0.3 percent dip from July, but still an overall expansion in the manufacturing sector, the Institute for Supply Management's Manufacturing Business Survey Committee said in a release.
The Production Index was 48.6 percent, indicating contraction for the first time since May of 2009, the ISM report said.
The rate of increase in prices slowed for the fourth consecutive month, dropping 3.5 percentage points in August to 55.5 percent, the Tempe, Ariz., organization said.
"The overall sentiment is one of concern and caution over the domestic and international economic environment, which is affecting customers' confidence and willingness to place orders, at least in the short term," said Bradley Holcomb, chairman of the institute's Manufacturing Business Survey Committee.
Ten of the 18 manufacturing industries reported growth in August, including wood products; petroleum and coal products; miscellaneous manufacturing; food, beverage and tobacco products; fabricated metal products; paper products, transportation equipment, chemical products, computer and electronic products, and machinery.
Six industries reported contraction in August, including plastic and rubber products; textile mills, non-metallic mineral products, electrical equipment; appliances and components; apparel; leather and allied products, and primary metals.
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