ISM: Manufacturing growth slows in September

By Reuters
Posted Oct. 1, 2010 at 10:36 a.m.

The pace of growth in the manufacturing sector slowed in September, an industry report on Friday showed, and employment in the sector also declined.

The Institute for Supply Management said its index of national factory activity slipped to 54.4 last month from 56.3 in August. The median forecast of 79 economists surveyed by Reuters was for a reading of 54.5.

A reading above 50 indicates expansion. While manufacturing has expanded every month since August 2009, the pace of growth has slowed in recent months amid signs a broader U.S. recovery was running out of steam.

In September, sector employment slipped to 56.5 from 60.4 in August. The broader U.S. labor market has remained sluggish this year, and the jobless rate stands at 9.5 percent.

The index’s new orders component fell for a fourth straight month, to 51.1 from 53.1. Prices paid, however, jumped to 70.5 from 61.5.

Read more about the topics in this post:
 

Comments are closed.