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Economy

Economic Data (USA)

Tuesday, September 02, 2014

ISM Manufacturing Index for August 2014

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for August 2014:

Predicted: 56.8%
Actual: 59.0%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the factory sector contracted.

Last month, the PMI was 57.1%.

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

"...'Business is looking good for food manufacturing. Packaging materials prices are staying in check, minimum wage is up a bit, but manageable.'
(Food, Beverage & Tobacco Products)

    'The commercial building business is good, our business is up.'
(Fabricated Metal Products)

    'Overall business conditions are flat. World issues taking a toll on business. Consumers are cutting back on spending.'
(Transportation Equipment)

    'Overall business is improving. Order backlog is increasing. Quotes are increasing. Much more positive outlook in our sector.'
(Electrical Equipment, Appliances & Components)

    'Business in the energy sector continues to remain very robust with no signs of backing off in the near future.'
(Computer & Electronic Products)

    'Demand in the United States is consistent and geopolitics remain a concern.'
(Chemical Products)

    'International markets are slower due to Euro holidays, political unrest and slowing Chinese markets. North American business off slightly.'
(Wood Products)

    'Business is strong. Labor is becoming a difficult issue.'
(Furniture & Related Products)

    'Demand is strong. Numbers are up over last year.'
(Machinery)

    'Strongest month in years. Business is solid...Awesome!'
(Primary Metals)..."

Click here to view the complete ISM report.

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