Manufacturing Expanded in August, but at a Slower Pace Than July
WASHINGTON (AP) -- The nation's manufacturing sector expanded in August at a slower clip than in July amid rising commodity prices, a trade group said Friday.
The Institute for Supply Management, based in Tempe, Ariz., said its manufacturing index registered 54.5 in August, just below the 54.7 July reading. Analysts expected the index to be flat.
The ISM survey shows growth in manufacturing (and apparently increased productivity since manufacturing shed jobs last month) that was basically unchanged from July. Another report that supports the Fed view of a slowing economy. If the economic data continues to come in like this, the Fed is probably done raising rates.