U.S. manufacturing activity expanded for the eighth consecutive month in August, a major trade association said.
According to a Sept. 1 report by the Institute for Supply Management, last month’s manufacturing purchasing managers’ index (PMI)—a monthly survey that reflects the industry’s prevailing economic direction—came in at 54.6, from July’s four-year high of 55.6.
This came in slightly below the market estimate of 55.2.
Despite August’s modest deceleration, the Institute for Supply Management’s reading marked the eighth straight monthly expansion in factory activity, suggesting that manufacturing contributed positively to third-quarter economic growth prospects.
Five out of the six largest manufacturing industries registered growth….