Growth in US manufacturing accelerated in August
Washington – Growth in U.S. manufacturing accelerated in August despite the fact that companies were still struggling with supply chain problems.
The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its index of manufacturing activity rose 0.4 percentage point in August to 59.9. Manufacturing had seen a slowdown in July when activity dipped to 59.5 from 60.6 in June.
Any reading above 50 indicates growth in the manufacturing sector. August marked the 15th consecutive month that manufacturing has grown after contracting in April 2020 when the coronavirus pandemic triggered nationwide business shutdowns.