The Institute for Supply Management (ISM) today reported that its gauge of U.S. manufacturing activity increased to 55.7 in August from 55.4 in July.
It was the third straight increase in the monthly index and the highest reading since June 2011.
An index reading above 50 indicates the manufacturing industry is expanding.
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The new-orders index rose to 63.2 in August from 58.3, and the ISM noted that 15 of 18 manufacturing sectors reported growth in August.
We’ll find out how New York manufacturers are doing when the Federal Reserve Bank of New York issues its next Empire State Manufacturing Survey report on Sept. 16. In August, that survey’s general business conditions index dipped to 8.2 from 9.5 in July, but still indicated a third straight month of expansion in the state’s manufacturing sector.
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